Fixed-fee leasehold conveyancing in Mansfield Woodhouse:

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I've found a house that appears to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have just been informed that it's a leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Mansfield Woodhouse. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Mansfield Woodhouse ?

Most houses in Mansfield Woodhouse 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. It is clear that you are purchasing in Mansfield Woodhouse so you should seriously consider shopping around for a Mansfield Woodhouse conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’spermission to carry out alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the property is part of an estate. Your lawyer should report to you on the legal implications.

I am a negotiator for a reputable estate agency in Mansfield Woodhouse where we see a few flat sales derailed due to leases having less than 80 years remaining. I have received conflicting advice from local Mansfield Woodhouse conveyancing firms. Can you confirm whether the vendor of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?

As long as the seller has owned the lease 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. The benefit of this is that the proposed purchaser 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 extend the lease informally by agreement with the landlord 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 purchaser.

Do you have any top tips for leasehold conveyancing in Mansfield Woodhouse with the purpose of expediting the sale process?

  • Much of the delay in leasehold conveyancing in Mansfield Woodhouse can be bypassed where you appoint lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information needed by the purchasers’ lawyers.
  • Many landlords or Management Companies in Mansfield Woodhouse charge for providing management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Mansfield Woodhouse.
  • In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Mansfield Woodhouse leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence from the Landlord acquiescing to such works. Where you dont have the consents to hand do not communicate with the landlord without checking with your solicitor in advance.
  • If you have had any disputes with your landlord or managing agents it is essential that these are resolved before the property is put on the market. The buyers and their solicitors will be nervous about purchasing a flat where there is a current dispute. You will have to accept that you will have to pay any arrears of service charge or resolve 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 will still have to reveal details of the dispute to the buyers, but it is clearly preferable to present the dispute as historic rather than unresolved.
  • You believe that you know the number of years remaining on your lease but you should verify this via your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if 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 term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • We expect to complete the disposal of our £125000 flat in Mansfield Woodhouse in just under a week. The freeholder has quoted £300 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Mansfield Woodhouse?

    Mansfield Woodhouse conveyancing on leasehold flats more often than not necessitates the purchaser’s lawyer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to address these enquiries most will be willing to do so. They may invoice a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some transactions it is above £800. The administration charge required by the landlord must be sent together with a summary of rights and obligations in respect of administration fees, without which the invoice is technically not due. In reality one has little choice but to pay whatever is demanded should you wish to complete the sale of your home.

    When it comes to leasehold conveyancing in Mansfield Woodhouse what are the most common lease problems?

    Leasehold conveyancing in Mansfield Woodhouse is not unique. Most leases are individual and drafting errors can result in certain clauses are erroneous. 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
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Bank of Scotland, and Bank of Ireland all have express 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 provide security, forcing the buyer to withdraw.

    I inherited a ground floor flat in Mansfield Woodhouse, conveyancing having been completed 4 years ago. Can you work out an approximate cost of a lease extension? Equivalent properties in Mansfield Woodhouse with over 90 years remaining are worth £226,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease ceases on 21st October 2102

    With 77 years left to run the likely cost is going to be between £8,600 and £9,800 as well as costs.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. 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 without first seeking the advice of a professional.

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    Lease Extensions in Mansfield Woodhouse