Guaranteed fixed fees for Leasehold Conveyancing in Machen

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

Questions and Answers: Machen leasehold conveyancing

Having checked my lease I have discovered that there are only Seventy years left on my lease in Machen. I now wish to extend my lease but my freeholder is missing. What options are available to me?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. However, you will be required to prove that you or your lawyers have done all that could be expected to find the landlord. For most situations an enquiry agent should be useful to try and locate and to produce a report to be used as proof that the landlord is indeed missing. It is wise to seek advice from a conveyancer in relation to proving the landlord’s absence and the application to the County Court covering Machen.

I am looking at a two flats in Machen which have about 50 years unexpired on the lease term. Do I need to be concerned?

A lease is a right to use the property for a prescribed time frame. As the lease shortens the marketability of the lease decreases 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. It is often difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this arena

What advice can you give us when it comes to choosing a Machen conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a conveyancer for lease extension works (regardless if they are a Machen conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non Machen conveyancing practices before you 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?
  • Can they put you in touch with client in Machen who can give a testimonial?

    • Do you have any top tips for leasehold conveyancing in Machen from the point of view of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Machen can be bypassed where you appoint lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the buyers solicitors.
    • In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Most leases in Machen state that internal structural changes or installing wooden flooring calls for a licence issued by the Landlord consenting to such changes. Where you dont have the paperwork to hand do not contact the landlord without contacting your solicitor before hand.
  • A minority of Machen leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • If there is a history of any disputes with your freeholder or managing agents it is essential that these are resolved prior to the flat being marketed. The buyers and their solicitors will be nervous about purchasing a property where a dispute is unresolved. You will have to accept that you will have to 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 details of the dispute to the purchasers, but it is better to reveal the dispute as historic as opposed to unsettled.
  • If you have the benefit of shareholding in the Management Company, you should ensure that you hold the original share certificate. Organising a replacement share certificate can be a lengthy formality and delays many a Machen conveyancing transaction. If a duplicate share certificate is required, do contact the company officers or managing agents (if relevant) for this as soon as possible.

    • What makes a Machen lease problematic?

    There is nothing unique about leasehold conveyancing in Machen. All leases are unique and drafting errors can sometimes mean that certain sections are missing. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair 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 could have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Leeds Building Society, and Britannia all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the purchaser to pull out.

    I acquired a leasehold flat in Machen, conveyancing was carried out 10 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Machen with a long lease are worth £208,000. The average or mid-range amount of ground rent is £55 per annum. The lease expires on 21st October 2081

    With just 57 years unexpired the likely cost is going to range between £23,800 and £27,400 plus legals.

    The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Machen