Fixed-fee leasehold conveyancing in Maulden:

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Maulden leasehold conveyancing: Q and A’s

I am in need of some leasehold conveyancing in Maulden. Before I set the wheels in motion I would like to find out the unexpired term of the lease.

If the lease is registered - and almost all are in Maulden - 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 am tempted by the attractive purchase price for a couple of apartments in Maulden which have in the region of 50 years remaining on the lease term. Will this present a problem?

A lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the value of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. This is why it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this arena

I work for a busy estate agent office in Maulden where we see a few flat sales derailed as a result of short leases. I have been given conflicting advice from local Maulden conveyancing solicitors. Could you confirm whether the vendor of a flat can initiate the lease extension process for the buyer?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible 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.

Can you offer any advice when it comes to choosing a Maulden conveyancing firm to deal with our lease extension?

If you are instructing a property lawyer for your lease extension (regardless if they are a Maulden conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Maulden conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:

  • How many lease extensions have they completed in Maulden in the last 12 months?
  • What are the costs for lease extension conveyancing?

    • Can you provide any top tips for leasehold conveyancing in Maulden from the point of view of expediting the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Maulden can be reduced if you instruct lawyers the minute you market your property and ask them to collate the leasehold information needed by the buyers solicitors.
    • If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Maulden leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence issued by the Landlord approving such changes. Should you fail to have the consents to hand do not contact the landlord without contacting your solicitor in advance.
  • A minority of Maulden leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the annual 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 service charge figures so that they can pass this information on to the purchasers or their solicitors.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you are holding the original share certificate. Arranging a replacement share certificate can be a time consuming process and delays many a Maulden home move. Where a duplicate share is needed, you should approach the company officers or managing agents (where relevant) for this at the earliest opportunity.
  • You believe that you know the number of years left on your lease but it would be advisable verify this via your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is under 75 years. It is therefore important at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • Maulden Conveyancing for Leasehold Flats - Examples of Questions you should ask before buying

      It would be sensible to discover as much as possible concerning the managing agents as they will affect your use and enjoyment of the property. Being a leasehold owner you are often at the mercy of the managing agents both financially and when it comes to every day matters such as the cleanliness of the common parts. You should not be afraid to ask other people whether they are happy with their service. In conclusion, be sure you know the dates that you are obliged pay the service charge to the relevant party and precisely what it includes. Are there any major works anticipated that will add a premium to the service costs? If a Maulden lease has no more than eighty years it will impact the marketability of the flat. Check with your bank that they are content with residual term of the lease. Leases with fewer than 80 years remaining means that you will most likely need a lease extension at some point and you need to have some idea of how much this would cost. For most Mauldenlease extensions you will be be obliged to have owned the residence for a couple of years before you are legally able to extend the lease.

    Other Topics

    Lease Extensions in Maulden