Common questions relating to Southend leasehold conveyancing
I am in need of some leasehold conveyancing in Southend. Before I get started I would like to find out the unexpired term of the lease.
If the lease is registered - and almost all are in Southend - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I am attracted to a couple of flats in Southend which have in the region of fifty years remaining on the leases. should I be concerned?
There are plenty of short leases in Southend. The lease is a right to use the premises for a period of time. As a lease gets shorter the value of the lease deteriorate and results in it becoming more expensive to extend the lease. This is why it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease extension can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this area
I am employed by a reputable estate agent office in Southend where we see a number of leasehold sales put at risk due to short leases. I have been given contradictory information from local Southend conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
What advice can you give us when it comes to appointing a Southend conveyancing practice to deal with our lease extension?
When appointing a property lawyer for your lease extension (regardless if they are a Southend conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Southend conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:
- How experienced is the practice with lease extension legislation?
Do you have any top tips for leasehold conveyancing in Southend from the perspective of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Southend can be bypassed where you appoint lawyers as soon as your agents start advertising the property and ask them to put together the leasehold documentation needed by the buyers representatives.
- The majority landlords or Management Companies in Southend levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information sought on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Southend.
I am the leaseholder of a basement flat in Southend. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the premium payable for a lease extension?
Absolutely. We can put you in touch with a Southend conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Southend flat is 75 Woolstone Road in February 2012. the decision of the Tribunal was that the appropriate amount to be paid to purchase the freehold was the sum of £17,711 . This case related to 2 flats. The remaining number of years on the lease was 68.28 and 158.