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

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Any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Messingham, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Common questions relating to Messingham leasehold conveyancing

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

If the lease is recorded at the land registry - and most are in Messingham - 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 attracted to a two apartments in Messingham both have about forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Messingham. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the saleability of the lease deteriorate and results in it becoming more costly to acquire a lease extension. For this reason it is advisable 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 such properties. Lease enfranchisement can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this field

I am a negotiator for a long established estate agent office in Messingham where we have witnessed a number of leasehold sales put at risk due to short leases. I have received inconsistent advice from local Messingham conveyancing solicitors. Can you clarify whether the owner of a flat can initiate the lease extension formalities 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. This means that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.

Alternatively, it may be possible 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 buyer.

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

When appointing a property lawyer for your lease extension (regardless if they are a Messingham conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Messingham conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:

  • How experienced is the practice with lease extension legislation?
  • What are the charges for lease extension work?

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

    • A significant proportion of the frustration in leasehold conveyancing in Messingham can be avoided where you instruct lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the buyers representatives.
    • Many landlords or managing agents in Messingham charge for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Messingham.
  • In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Most leases in Messingham state that internal structural alterations or installing wooden flooring require a licence issued by the Landlord acquiescing to such alterations. Where you dont have the approvals to hand do not communicate with the landlord without contacting your lawyer first.
  • If there is a history of any disputes with your freeholder or managing agents it is essential that these are settled before the property is put on the market. The purchasers and their solicitors will be concerned about purchasing a property where there is a current dispute. You may have to bite the bullet 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 will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic rather than unsettled.
  • If you hold a share in a the freehold, you should ensure that you hold the original share document. Obtaining a duplicate share certificate is often a lengthy formality and slows down many a Messingham home move. If a reissued share certificate is required, do contact the company officers or managing agents (where relevant) for this sooner rather than later.

    • I purchased a split level flat in Messingham, conveyancing formalities finalised 1996. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Messingham with an extended lease are worth £199,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease runs out on 21st October 2101

    You have 76 years remaining on your lease we estimate the price of your lease extension to be between £10,500 and £12,000 plus legals.

    The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Messingham