Fixed-fee leasehold conveyancing in Marshalls Park:

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Frequently asked questions relating to Marshalls Park leasehold conveyancing

I today plan to offer on a house that seems to be perfect, at a great 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 issues purchasing a house with a leasehold title in Marshalls Park. Conveyancing advisers have are about to be instructed. Will they explain the issues?

Most houses in Marshalls Park are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Marshalls Park in which case you should be looking for a Marshalls Park conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a lessee 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 service charge towards the maintenance of the estate where the house is located on an estate. Your lawyer will appraise you on the various issues.

I own a leasehold flat in Marshalls Park. Conveyancing and Halifax mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Marshalls Park who previously acted has long since retired.Any advice?

First contact HMLR to make sure that this person is in fact the new freeholder. There is no need to incur the fees of a Marshalls Park conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am looking at a two flats in Marshalls Park which have in the region of forty five years remaining on the leases. Will this present a problem?

There are plenty of short leases in Marshalls Park. The lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the value of the lease deteriorate and results in it becoming more expensive to extend the lease. This is why it is advisable to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease extension can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this area

I am a negotiator for a long established estate agency in Marshalls Park where we have experienced a few flat sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Marshalls Park conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can instigate the lease extension process for the purchaser on completion of the sale?

Provided that the seller has been the owner 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. This means that the buyer 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 before, or at the same time as 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.

What advice can you give us when it comes to choosing a Marshalls Park conveyancing practice to deal with our lease extension?

When appointing a solicitor for lease extension works (regardless if they are a Marshalls Park conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with two or three firms including non Marshalls Park conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:

  • How many lease extensions have they conducted in Marshalls Park in the last year?
  • Can they put you in touch with client in Marshalls Park who can give a testimonial?

  • I invested in buying a 2 bed flat in Marshalls Park, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar flats in Marshalls Park with an extended lease are worth £216,000. The average or mid-range amount of ground rent is £50 levied per year. The lease expires on 21st October 2082

    With only 60 years remaining on your lease the likely cost is going to range between £19,000 and £22,000 plus professional fees.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Marshalls Park