Leasehold Conveyancing in March - Get a Quote from the leasehold experts approved by your lender

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When it comes to leasehold conveyancing in March, you will need to appoint a conveyancing practitioner with leasehold experience. Whether your lender is to be Lloyds, RBS or Nationwide make sure you choose a lawyer on their panel. Find a March conveyancing lawyer with our search tool

March leasehold conveyancing: Q and A’s

I am on look out for some leasehold conveyancing in March. Before I get started I want to be sure as to the remaining lease term.

Assuming the lease is registered - and almost all are in March - then the leasehold title will always include the short particulars 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.

There are only Fifty years unexpired on my flat in March. I am keen to extend my lease but my freeholder is missing. What should I do?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. You will be obliged to prove that you or your lawyers have done all that could be expected to locate the freeholder. For most situations a specialist may be useful to try and locate and prepare an expert document which can be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a solicitor in relation to investigating the landlord’s disappearance and the application to the County Court overseeing March.

Can you provide any top tips for leasehold conveyancing in March with the aim of saving time on the sale process?

  • Much of the frustration in leasehold conveyancing in March can be bypassed where you instruct lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold information needed by the buyers representatives.
  • The majority landlords or managing agents in March levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in March.
  • If you have had any disputes with your landlord or managing agents it is very important that these are resolved before the property is put on the market. The purchasers and their solicitors will be concerned about purchasing a property where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of 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 clearly preferable to reveal the dispute as historic rather than unresolved.
  • If you hold a share in a the freehold, you should make sure that you are holding the original share document. Arranging a replacement share certificate can be a lengthy formality and slows down many a March conveyancing transaction. If a duplicate share is needed, you should approach the company director and secretary or managing agents (if applicable) for this sooner rather than later.
  • You believe that you know the number of years left on your lease but you should double-check via your conveyancers. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the remaining number of years is under 80 years. It is therefore important at an as soon as possible 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.

    • If all goes to plan we aim to complete the disposal of our £175000 flat in March in seven days. The freeholder has quoted £384 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in March?

    March conveyancing on leasehold maisonettes usually involves the buyer’s solicitor submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to address these enquiries most will be content to do so. They are at liberty levy a reasonable administration fee for answering 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 transactions it is in excess of £800. The administration charge required by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration fees, without which the invoice is technically not due. Reality however dictates that one has little choice but to pay whatever is requested of you if you want to complete the sale of your home.

    Are there frequently found defects that you encounter in leases for March properties?

    Leasehold conveyancing in March is not unique. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the building
    • Insurance obligations
    • 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

    A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, The Mortgage Works, and Alliance & Leicester 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 provide security, forcing the purchaser to pull out.

    I inherited a studio flat in March, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in March with over 90 years remaining are worth £197,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease runs out on 21st October 2077

    With only 52 years remaining on your lease we estimate the price of your lease extension to range between £30,400 and £35,200 as well as professional fees.

    The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in March