Fixed-fee leasehold conveyancing in Ratcliff:

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Ratcliff leasehold conveyancing: Q and A’s

Estate agents have just been given the go-ahead to market my ground floor apartment in Ratcliff.Conveyancing solicitors are to be appointed soon but I have just had a yearly maintenance charge demand – what should I do?

The sensible thing to do is discharge the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

I am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable price which is making it more attractive. I have just been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Ratcliff. Conveyancing advisers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Ratcliff ?

The majority of houses in Ratcliff are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Ratcliff so you should seriously consider looking for a Ratcliff conveyancing practitioner and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’sconsent to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your lawyer will report to you on the legal implications.

I am attracted to a couple of maisonettes in Ratcliff which have in the region of fifty years unexpired on the leases. should I be concerned?

A lease is a right to use the property for a prescribed time frame. As the lease shortens the saleability of the lease deteriorate and results in it becoming more expensive to extend the lease. For this reason it is generally wise to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this area

Can you offer any advice when it comes to choosing a Ratcliff conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a solicitor for your lease extension (regardless if they are a Ratcliff conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with several firms including non Ratcliff conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

  • What volume of lease extensions has the firm completed in Ratcliff in the last year?
  • Can they put you in touch with client in Ratcliff who can give a testimonial?

    • Can you provide any top tips for leasehold conveyancing in Ratcliff from the point of view of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Ratcliff can be bypassed if you instruct lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the buyers representatives.
    • Many landlords or managing agents in Ratcliff charge for supplying management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Ratcliff.
  • In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Ratcliff leases often stipulate that internal structural alterations or installing wooden flooring require a licence from the Landlord approving such alterations. Should you dont have the paperwork in place do not contact the landlord without checking with your solicitor in the first instance.
  • Some Ratcliff leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • If there is a history of any disputes with your freeholder or managing agents it is very important that these are settled before the property is marketed. The buyers and their solicitors will be warry about purchasing a property where there is a current dispute. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is better to reveal the dispute as over rather than unresolved.

    • Following years of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Ratcliff. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

    Most definitely. We are happy to put you in touch with a Ratcliff conveyancing firm who can help.

    An example of a Freehold Enfranchisement matter before the tribunal for a Ratcliff residence is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case was in relation to 3 flats. The unexpired lease term was 101.61 years.