Fixed-fee leasehold conveyancing in Mildmay:

When it comes to leasehold conveyancing in Mildmay, you will need to appoint a conveyancing practitioner with leasehold experience. Whether your lender is to be Halifax, RBS or Nationwide be sure to choose a lawyer on their approved list. Find a Mildmay conveyancing lawyer with our search tool

Recently asked questions relating to Mildmay leasehold conveyancing

I've found a house that appears to meet my requirements, at a great price which is making it more attractive. I have since found out that the title is leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Mildmay. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Mildmay ?

The majority of houses in Mildmay are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Mildmay in which case you should be shopping around for a Mildmay conveyancing solicitor and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the estate where the property is located on an estate. Your conveyancer will advise you fully on all the issues.

Back In 2000, I bought a leasehold house in Mildmay. Conveyancing and Barnsley Building Society mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Mildmay who acted for me is not around.What should I do?

First make enquiries of the Land Registry to be sure that this person is in fact the registered owner of the freehold reversion. You do not need to instruct a Mildmay conveyancing lawyer to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am tempted by the attractive purchase price for a couple of flats in Mildmay both have approximately 50 years remaining on the leases. Will this present a problem?

There is no doubt about it. A leasehold flat in Mildmay is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of purchasers and banks, leases with under eighty 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 premises 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 Mildmay 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.

I am employed by a long established estate agent office in Mildmay where we see a few flat sales put at risk due to leases having less than 80 years remaining. I have been given contradictory information from local Mildmay conveyancing firms. Could you shed some light as to whether the seller of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?

As long as 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 proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.

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 buyer.

What are your top tips when it comes to choosing a Mildmay conveyancing practice to deal with our lease extension?

When appointing a solicitor for your lease extension (regardless if they are a Mildmay conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with two or three firms including non Mildmay conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

  • How experienced is the firm with lease extension legislation?
  • What volume of lease extensions have they completed in Mildmay in the last 12 months?

  • I am the registered owner of a garden flat in Mildmay, conveyancing having been completed 2008. Can you work out an approximate cost of a lease extension? Equivalent flats in Mildmay with over 90 years remaining are worth £185,000. The ground rent is £45 per annum. The lease ceases on 21st October 2085

    With only 61 years unexpired we estimate the price of your lease extension to be between £22,800 and £26,400 as well as costs.

    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. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Mildmay