Fixed-fee leasehold conveyancing in Lytchett Matravers:

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Frequently asked questions relating to Lytchett Matravers leasehold conveyancing

My partner and I may need to sub-let our Lytchett Matravers 1st floor flat for a while due to a career opportunity. We used a Lytchett Matravers conveyancing firm in 2004 but they have closed and we did not have the foresight to seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?

Even though your previous Lytchett Matravers conveyancing solicitor is not around you can review your lease to check if it allows you to sublet the premises. The rule is that if the deeds are non-specific, subletting is permitted. Quite often there is a prerequisite that you are obliged to obtain permission via your landlord or some other party prior to subletting. The net result is that you cannot sublet in the absence of first obtaining consent. The consent should not be unreasonably refused ore delayed. If the lease prohibits you from subletting the property you should ask your landlord for their consent.

There are only 68 years remaining on my lease in Lytchett Matravers. I now want to extend my lease but my freeholder is can not be found. What are my options?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to track down the lessor. On the whole an enquiry agent may be useful to carry out a search and to produce a report which can be accepted by the court as proof that the freeholder can not be located. It is advisable to get professional help from a property lawyer in relation to investigating the landlord’s disappearance and the application to the County Court covering Lytchett Matravers.

My wife and I purchased a leasehold house in Lytchett Matravers. Conveyancing and Alliance & Leicester mortgage organised. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Lytchett Matravers who acted for me is not around.What should I do?

First make enquiries of the Land Registry to be sure that this person is in fact the registered owner of the freehold reversion. There is no need to instruct a Lytchett Matravers conveyancing lawyer to do this as it can be done on-line for a few pound. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

Can you provide any top tips for leasehold conveyancing in Lytchett Matravers from the perspective of expediting the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Lytchett Matravers can be bypassed where you get in touch lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information which will be required by the purchasers’ representatives.
  • Some Lytchett Matravers leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet 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 solicitors.
  • If you have had any disputes 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 reluctant to purchase a flat where there is a current dispute. 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 prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as over rather than ongoing.
  • If you have the benefit of shareholding in the freehold, you should ensure that you are holding the original share document. Arranging a new share certificate is often a lengthy formality and frustrates many a Lytchett Matravers conveyancing transaction. Where a reissued share certificate is required, you should approach the company officers or managing agents (where applicable) for this at the earliest opportunity.
  • You may think that you are aware of the number of years left on your lease but it would be wise to double-check via your conveyancers. A purchaser's conveyancer will not be happy to advise their client to where the lease term is less than 80 years. It is therefore essential at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

  • What makes a Lytchett Matravers lease problematic?

    There is nothing unique about leasehold conveyancing in Lytchett Matravers. Most leases is drafted differently and drafting errors can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain parts of the building
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You may have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Coventry Building Society, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to pull out.

    I bought a basement flat in Lytchett Matravers, conveyancing formalities finalised in 2008. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Lytchett Matravers with over 90 years remaining are worth £246,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease runs out on 21st October 2101

    With 77 years remaining on your lease the likely cost is going to be between £8,600 and £9,800 as well as professional fees.

    The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Lytchett Matravers