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

Get a Quote

When it comes to leasehold conveyancing in Market Deeping, you will need to chose a conveyancing practitioner with leasehold experience. Whether your mortgage company is to be Lloyds, RBS or Nationwide be sure to find a lawyer on their panel. Feel free to use our search tool

Top Five Questions relating to Market Deeping leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Market Deeping. Before diving in I would like to find out the number of years remaining on the lease.

If the lease is registered - and almost all are in Market Deeping - 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.

I only have Seventy years left on my lease in Market Deeping. I now wish to get lease extension 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 mean that your lease can be extended by the Court. You will be obliged to prove that you have done all that could be expected to locate the freeholder. In some cases an enquiry agent would be useful to carry out a search and to produce an expert document which can be used as evidence that the landlord is indeed missing. It is advisable to get professional help from a property lawyer both on devolving into the landlord’s disappearance and the vesting order request to the County Court covering Market Deeping.

I am a negotiator for a busy estate agent office in Market Deeping where we have witnessed a few leasehold sales derailed as a result of short leases. I have been given conflicting advice from local Market Deeping conveyancing firms. Please can you clarify whether the seller of a flat can instigate the lease extension process for the buyer?

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 sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.

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 purchaser.

Can you provide any top tips for leasehold conveyancing in Market Deeping with the purpose of saving time on the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Market Deeping can be bypassed if you get in touch lawyers as soon as you market your property and ask them to collate the leasehold documentation which will be required by the buyers conveyancers.
  • If you have carried out any alterations to the residence would they have required Landlord’s consent? In particular have you installed wooden flooring? Most leases in Market Deeping state that internal structural changes or addition of wooden flooring necessitate a licence issued by the Landlord approving such works. Should you dont have the paperwork to hand you should not contact the landlord without checking with your solicitor before hand.
  • A minority of Market Deeping leases require Licence to Assign from the landlord. If this applies to your lease, 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • If you have had any disputes with your freeholder or managing agents it is essential that these are settled before the property is marketed. The buyers and their solicitors will be reluctant to purchase a property where there is a current 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 will still have to reveal details of the dispute to the purchasers, but it is better to reveal the dispute as over rather than unsettled.
  • You believe that you know the number of years remaining on your lease but it would be advisable double-check via your solicitors. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is under 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • In relation to leasehold conveyancing in Market Deeping what are the most common lease problems?

    Leasehold conveyancing in Market Deeping is not unique. All leases are unique and drafting errors can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the property
    • 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 can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Virgin Money, and Clydesdale all have very detailed 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, forcing the buyer to withdraw.

    Market Deeping Leasehold Conveyancing - Sample of Queries before buying

      How many of the leaseholders are in arrears for their maintenance charge payments? What is the length of the lease? If a Market Deeping lease has no more than 80 years it will have adverse implications on the marketability of the property. It is worth checking with your mortgage company that they are willing to to proceed given the lease term. A short lease means that you will almost definitely have to extend the lease at some point and you need to have some idea of how much this will be. Remember, in most cases you will need to own the property for two years before you are legally able to carry out a lease extension.

    Other Topics

    Lease Extensions in Market Deeping