Quality lawyers for Leasehold Conveyancing in Marlow

When it comes to leasehold conveyancing in Marlow, you will need to instruct a conveyancing lawyer with leasehold experience. Whether your lender is to be Lloyds, Birmingham Midshires or NatWest be sure to find a lawyer on their panel. Feel free to use our search tool

Frequently asked questions relating to Marlow leasehold conveyancing

I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have subsequently found out that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Marlow. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Marlow ?

Most houses in Marlow are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Marlow so you should seriously consider shopping around for a Marlow conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’sconsent to conduct changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the property is part of an estate. Your solicitor will report to you on the legal implications.

I am looking at a couple of flats in Marlow both have about forty five years left on the leases. Will this present a problem?

There are no two ways about it. A leasehold flat in Marlow is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the value of the property. For most purchasers and mortgage companies, leases with less than 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Marlow conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

What are your top tips when it comes to appointing a Marlow conveyancing firm to deal with our lease extension?

If you are instructing a property lawyer for your lease extension (regardless if they are a Marlow conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Marlow conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:

  • How familiar is the practice with lease extension legislation?
  • If the firm is not ALEP accredited then what is the reason?

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

    • Much of the delay in leasehold conveyancing in Marlow can be bypassed if you appoint lawyers the minute you market your property and request that they start to collate the leasehold information needed by the purchasers’ conveyancers.
    • Many freeholders or Management Companies in Marlow charge for supplying management packs for a leasehold homes. 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 average time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Marlow.
  • If there is a history of 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 buyers and their solicitors will be reluctant to purchase a flat where a dispute is unsettled. You may need to swallow your pride and pay 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 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 unsettled.
  • If you hold a share in a the Management Company, you should make sure that you have the original share certificate. Obtaining a new share certificate can be a lengthy process and frustrates many a Marlow conveyancing transaction. Where a duplicate share is necessary, you should approach the company director and secretary or managing agents (if applicable) for this as soon as possible.
  • You believe that you know the number of years remaining on your lease but you should verify this by asking your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to where the remaining number of years is less than 80 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

  • If all goes to plan we aim to complete the sale of our £125000 maisonette in Marlow in 5 days. The managing agents has quoted £420 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Marlow?

    Marlow conveyancing on leasehold flats more often than not necessitates the purchaser’s solicitor submitting questions for the landlord to answer. Although the landlord is under no legal obligation to respond to such questions most will be content to assist. They may charge a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. 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 management information fee levied by the landlord must be sent together with a summary of rights and obligations in relation to administration charges, without which the charge is not strictly payable. Reality however dictates that you have no option but to pay whatever is requested of you should you wish to complete the sale of your home.

    I am the registered owner of a leasehold flat in Marlow, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Marlow with an extended lease are worth £268,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease runs out on 21st October 2074

    With only 50 years remaining on your lease the likely cost is going to span between £34,200 and £39,600 as well as plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Marlow