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Lydney leasehold conveyancing Example Support Desk Enquiries

I am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable figure which is making it more attractive. I have just discovered that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Lydney. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?

Most houses in Lydney are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are buying in Lydney so you should seriously consider looking for a Lydney conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’sconsent to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your solicitor will appraise you on the various issues.

My wife and I purchased a leasehold flat in Lydney. Conveyancing and Nottingham Building Society mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1996. The conveyancing practitioner in Lydney who previously acted has long since retired.Do I pay?

First make enquiries of HMLR to be sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Lydney conveyancing solicitor to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am a negotiator for a long established estate agency in Lydney where we have witnessed a few flat sales put at risk due to leases having less than 80 years remaining. I have been given conflicting advice from local Lydney conveyancing solicitors. Please can you confirm whether the seller of a flat can instigate the lease extension process 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 start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.

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 buyer.

Can you provide any top tips for leasehold conveyancing in Lydney from the perspective of saving time on the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Lydney can be bypassed if you instruct lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the buyers representatives.
  • Many freeholders or managing agents in Lydney levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Lydney.
  • In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Most leases in Lydney state that internal structural changes or addition of wooden flooring necessitate a licence issued by the Landlord approving such alterations. Should you fail to have the consents to hand do not communicate with the landlord without contacting your conveyancer in the first instance.
  • A minority of Lydney leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet 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 buyers or their solicitors.
  • If you hold a share in a the Management Company, you should make sure that you are holding the original share document. Obtaining a new share certificate is often a time consuming process and slows down many a Lydney home move. If a new share is needed, you should approach the company director and secretary or managing agents (where relevant) for this as soon as possible.

  • Completion in due on the disposal of our £325000 maisonette in Lydney next Monday . The freeholder has quoted £336 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Lydney?

    For most leasehold sales in Lydney 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-contract enquiries
    • Where consent is required before sale in Lydney
    • Supplying insurance information
    • Deeds of covenant upon sale
    • Registering of the assignment of the change of lessee after a sale
    Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Lydney leasehold premises is £350. For Lydney 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 required to provide the information.

    Lydney Conveyancing for Leasehold Flats - Examples of Questions you should ask before Purchasing

      How is the lease structured? Its a good idea to discover as much as possible regarding the managing agents as they can either make life much simpler or uncomfortable. Being a leasehold owner you will be at the mercy of the managing agents from a financial perspective and when it comes to practical matters such as the tidiness of the communal areas. You should not be afraid to ask other people what they think of their management. On a final note, investigate as to the dates that the maintenance charges are due to the managing agents and specifically what you get for your money. Who takes charge for maintaining and repairing the block?

    Other Topics

    Lease Extensions in Lydney