Guaranteed fixed fees for Leasehold Conveyancing in Long Eaton

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Any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Long Eaton, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Top Five Questions relating to Long Eaton leasehold conveyancing

I am in need of some leasehold conveyancing in Long Eaton. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.

If the lease is registered - and most are in Long Eaton - then the leasehold title will always include the short particulars 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.

Harry (my fiance) and I may need to sub-let our Long Eaton basement flat temporarily due to a career opportunity. We instructed a Long Eaton conveyancing practice in 2004 but they have since shut and we did not have the foresight to seek any guidance as to whether the lease allows us to sublet. How do we find out?

A small minority of properties in Long Eaton do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.

I own a leasehold house in Long Eaton. Conveyancing and The Royal Bank of Scotland mortgage are in place. A letter has just been received from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1996. The conveyancing practitioner in Long Eaton who acted for me is not around.Do I pay?

The first thing you should do is contact the Land Registry to make sure that this person is indeed the new freeholder. It is not necessary to instruct a Long Eaton conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am attracted to a couple of apartments in Long Eaton both have approximately 50 years unexpired on the lease term. Will this present a problem?

There are no two ways about it. A leasehold apartment in Long Eaton is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the premises. For most buyers and banks, leases with under 75 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 property 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 Long Eaton 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

Do you have any advice for leasehold conveyancing in Long Eaton with the purpose of expediting the sale process?

  • Much of the delay in leasehold conveyancing in Long Eaton can be reduced where you appoint lawyers the minute your agents start marketing the property and request that they start to put together the leasehold information which will be required by the buyers representatives.
  • If you have carried out any alterations to the premises would they have required Landlord’s consent? In particular have you laid down wooden flooring? Most leases in Long Eaton state that internal structural changes or addition of wooden flooring necessitate a licence issued by the Landlord approving such changes. Where you fail to have the approvals to hand you should not communicate with the landlord without checking with your conveyancer before hand.
  • Some Long Eaton leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are 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 service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If there is a history of any disputes with your landlord or managing agents it is essential that these are settled before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase 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 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 particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic as opposed to unresolved.
  • You believe that you know the number of years left on your lease but you should double-check by asking your lawyers. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is less than 80 years. In the circumstances it is essential at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • I bought a leasehold flat in Long Eaton, conveyancing having been completed 2007. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Long Eaton with a long lease are worth £205,000. The ground rent is £55 levied per year. The lease ends on 21st October 2098

    With only 73 years left to run the likely cost is going to range between £10,500 and £12,000 plus legals.

    The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Long Eaton