Experts for Leasehold Conveyancing in Lowestoft

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Top Five Questions relating to Lowestoft leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Lowestoft. Before diving in I want to be sure as to the number of years remaining on the lease.

If the lease is recorded at the land registry - and almost all are in Lowestoft - 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 tempted by the attractive purchase price for a couple of flats in Lowestoft both have approximately forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Lowestoft. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the value of the lease reduces and results in it becoming more expensive to extend the lease. For this reason it is often a good idea to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this arena

What are your top tips when it comes to choosing a Lowestoft conveyancing firm to deal with our lease extension?

When appointing a solicitor for your lease extension (regardless if they are a Lowestoft conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Lowestoft conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:

  • If the firm is not ALEP accredited then what is the reason?
  • How many lease extensions have they conducted in Lowestoft in the last 12 months?

    • Can you provide any top tips for leasehold conveyancing in Lowestoft with the intention of saving time on the sale process?

    • Much of the frustration in leasehold conveyancing in Lowestoft can be bypassed if you instruct lawyers as soon as you market your property and ask them to put together the leasehold documentation needed by the purchasers’ solicitors.
    • The majority landlords or Management Companies in Lowestoft 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 can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Lowestoft.
  • Some Lowestoft leases require Landlord’s consent to the sale and approval of the buyers. 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 actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
  • If you have had conflict with your landlord or managing agents it is very important that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a property where a dispute is unresolved. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to 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 better to reveal the dispute as historic as opposed to unresolved.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check by asking your solicitors. A purchaser's conveyancer will not be happy to advise their client to where the remaining number of years is less than 80 years. In the circumstances it is important at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • Completion in due on the disposal of our £500000 flat in Lowestoft in just under a week. The freeholder has quoted £324 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Lowestoft?

    Lowestoft conveyancing on leasehold flats often requires the buyer’s solicitor submitting enquiries for the landlord to answer. Although the landlord is not legally bound to respond to such questions most will be content to assist. They are at liberty charge a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The management information fee levied by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration fees, otherwise the invoice is technically not due. Reality however dictates that you have no choice but to pay whatever is requested of you if you want to complete the sale of your home.

    Leasehold Conveyancing in Lowestoft - A selection of Queries before buying

      Is there a share of the freehold? Its a good idea to find out as much as you can concerning the company managing the block as they will impact your use and enjoyment of the property. As the proprietor of a leasehold property you are often at the mercy of the managing agents from a financial perspective and when it comes to day to day matters such as the upkeep of the communal areas. You should not be afraid to ask prospective neighbours what they think of them. On a final note, find out the dates that the service fees are due to the managing agents and specifically what you get for your money. Best to be warned if a new roof is being put on or some other significant cost is due shortly to be shared amongst the leasehold owners and will materially impact the level of the maintenance costs or result in a one off invoice.

    Other Topics

    Lease Extensions in Lowestoft