Fixed-fee leasehold conveyancing in Tower Hill:

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Any conveyancing practice can theoretically deal with your leasehold conveyancing in Tower Hill, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Sample questions relating to Tower Hill leasehold conveyancing

I am looking at a two apartments in Tower Hill both have about 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Tower Hill. The lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the saleability of the lease deteriorate and it becomes more costly to acquire a lease extension. This is why it is often a good idea to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this arena

I work for a reputable estate agent office in Tower Hill where we see a number of flat sales jeopardised as a result of leases having less than 80 years remaining. I have received conflicting advice from local Tower Hill conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can instigate the lease extension formalities for the buyer?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.

An alternative approach is to extend the lease informally by agreement with the landlord 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 choosing a Tower Hill conveyancing firm to deal with our lease extension?

When appointing a conveyancer for your lease extension (regardless if they are a Tower Hill conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Tower Hill conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:

  • If the firm is not ALEP accredited then what is the reason?
  • How many lease extensions has the firm carried out in Tower Hill in the last 12 months?

    • Can you provide any advice for leasehold conveyancing in Tower Hill from the point of view of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Tower Hill can be reduced where you appoint lawyers the minute you market your property and request that they start to collate the leasehold documentation which will be required by the purchasers’ representatives.
    • If you have carried out any alterations to the residence would they have required Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Tower Hill state that internal structural changes or addition of wooden flooring require a licence issued by the Landlord consenting to such works. Where you dont have the consents in place do not communicate with the landlord without checking with your solicitor before hand.
  • A minority of Tower Hill 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 financial (bank) and professional references. The bank reference should make it clear that the buyer is 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 service charge figures so that they can pass this information on to the purchasers or their lawyers.
  • If there is a history of conflict with your landlord or managing agents it is essential that these are settled before the property is put on the market. The buyers and their solicitors will be warry about purchasing a flat where a dispute is unsettled. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to completion of the sale. 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 purchasers, but it is better to present the dispute as over as opposed to ongoing.
  • If you hold a share in a the Management Company, you should make sure that you hold the original share document. Obtaining a duplicate share certificate can be a time consuming formality and frustrates many a Tower Hill home move. If a new share certificate is needed, do contact the company officers or managing agents (if relevant) for this as soon as possible.

    • Completion in due on the sale of our £175000 garden flat in Tower Hill in just under a week. The freeholder has quoted £336 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Tower Hill?

    Tower Hill conveyancing on leasehold apartments usually involves the purchaser’s lawyer sending questions for the landlord to answer. Although the landlord is not legally bound to answer such questions most will be willing to do so. They may levy a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some cases it exceeds £800. The management information fee demanded by the landlord must be sent together with a summary of rights and obligations in respect of administration fees, otherwise the invoice is technically not due. Reality however dictates that one has no choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.

    I have attempted and failed to negotiate with my landlord for a lease extension without success. Can a leaseholder apply to the Leasehold Valuation Tribunal? Can you recommend a Tower Hill conveyancing firm to act on my behalf?

    Absolutely. We can put you in touch with a Tower Hill conveyancing firm who can help.

    An example of a Freehold Enfranchisement case for a Tower Hill property is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case was in relation to 41 flats. The remaining number of years on the lease was 107 years.

    Other Topics

    Lease Extensions in Tower Hill