Leasehold Conveyancing in Southend - Get a Quote from the leasehold experts approved by your lender

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Frequently asked questions relating to Southend leasehold conveyancing

Due to complete next month on a basement flat in Southend. Conveyancing lawyers assured me that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Southend should include some of the following:

  • The physical extent of the demise. This will be the property itself but could also include a roof space or cellar if applicable.
  • Does the lease prohibit wood flooring?
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • Whether your lease has a provision for a sinking fund?
  • Changes to the flat (alterations and additions)
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • What the implications are if you breach a clause of your lease? For details of the information to be included in your report on your leasehold property in Southend please enquire of your solicitor in ahead of your conveyancing in Southend

  • I am attracted to a two maisonettes in Southend both have approximately fifty years remaining on the lease term. Do I need to be concerned?

    There are no two ways about it. A leasehold flat in Southend is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. The majority of buyers and mortgage companies, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Southend conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

    What advice can you give us when it comes to finding a Southend conveyancing practice to deal with our lease extension?

    When appointing a solicitor for your lease extension (regardless if they are a Southend conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Southend conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be of use:

    • How familiar is the practice with lease extension legislation?
  • Can they put you in touch with client in Southend who can give a testimonial?

  • Do you have any advice for leasehold conveyancing in Southend with the intention of saving time on the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Southend can be bypassed where you instruct lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation needed by the purchasers’ conveyancers.
    • Some Southend leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly 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 purchasers or their solicitors.
  • If there is a history of conflict with your landlord or managing agents it is very important that these are resolved before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic rather than unsettled.
  • If you are supposed to have a share in the Management Company, you should make sure that you have the original share certificate. Arranging a duplicate share certificate is often a time consuming formality and delays many a Southend home move. If a new share is required, you should approach the company director and secretary or managing agents (if relevant) for this as soon as possible.
  • You believe that you know the number of years left on your lease but it would be wise to double-check via your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to where the lease term is below 80 years. In the circumstances it is important at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

  • Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £400000 flat in Southend next Tuesday . The managing agents has quoted £300 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Southend?

    For most leasehold sales in Southend conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

    • Answering pre-exchange enquiries
    • Where consent is required before sale in Southend
    • Copies of the building insurance and schedule
    • Deeds of covenant upon sale
    • Registering of the assignment of the change of lessee after a sale
    Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Southend leasehold premises is £350. For Southend conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to supply the information.

    We have reached the end of our tether in trying to purchase the freehold in Southend. Can the Leasehold Valuation Tribunal adjudicate on premiums?

    if there is a absentee landlord or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to decide the premium.

    An example of a Freehold Enfranchisement matter before the tribunal for a Southend residence 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 the unexpired term as at the valuation date was 68.28 and 158.