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

Get a Quote

Whether you are buying or selling leasehold flat in Mildmay, our panel of leasehold conveyancing experts will help you move with as little stress as possible. Find a Mildmay conveyancing lawyer with our search tool

Questions and Answers: Mildmay leasehold conveyancing

I am on look out for some leasehold conveyancing in Mildmay. Before I set the wheels in motion I require certainty as to the remaining lease term.

Assuming the lease is recorded at the land registry - and almost all are in Mildmay - 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 own a leasehold flat in Mildmay. Conveyancing and Virgin Money mortgage organised. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Mildmay who previously acted has now retired.Do I pay?

First contact HMLR to be sure that this person is in fact the new freeholder. It is not necessary to instruct a Mildmay conveyancing lawyer to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I work for a reputable estate agent office in Mildmay where we see a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given conflicting advice from local Mildmay conveyancing solicitors. Could you clarify whether the owner of a flat can start the lease extension formalities for the buyer?

Provided that the seller has been the owner 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 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 needs to be completed prior to, or simultaneously with 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.

Do you have any top tips for leasehold conveyancing in Mildmay with the purpose of expediting the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Mildmay can be bypassed where you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold documentation which will be required by the purchasers’ lawyers.
  • Many landlords or Management Companies in Mildmay levy fees for providing management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Mildmay.
  • In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Mildmay leases often stipulate that internal structural changes or installing wooden flooring require a licence issued by the Landlord approving such works. If you dont have the paperwork in place do not communicate with the landlord without checking with your conveyancer before hand.
  • Some Mildmay leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly 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 actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • If you have had any disputes with your freeholder or managing agents it is very important that these are settled prior to the flat being put on the market. The buyers and their solicitors will be warry about purchasing a property where a dispute is unsettled. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is better to present the dispute as over rather than ongoing.

    • When it comes to leasehold conveyancing in Mildmay what are the most frequent lease problems?

    Leasehold conveyancing in Mildmay is not unique. Most leases is drafted differently and drafting errors can result in certain sections are missing. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the premises
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You will encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Virgin Money, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to pull out.

    Mildmay Leasehold Conveyancing - A selection of Queries before buying

      What is the length of the lease? It is important to be aware whether fixing the lift or some other significant cost is anticipated that will be shared amongst the tenants and will materially increase the the maintenance charges or require a specific invoice. Where a Mildmay lease has less than eighty years it will impact the value of the flat. It is worth checking with your mortgage company that they are content with the length of the lease. Leases with fewer than 80 years remaining means that you will almost definitely have to extend the lease sooner rather than later and you need to have some idea of what this would cost. Remember, in most cases you would need to own the property for a couple of years in order to be entitled to extend the lease.

    Other Topics

    Lease Extensions in Mildmay