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Milton leasehold conveyancing: Q and A’s

Having had my offer accepted I require leasehold conveyancing in Milton. Before diving in I would like to find out the unexpired term of the lease.

If the lease is recorded at the land registry - and most are in Milton - then the leasehold title will always include the basic details 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 have just appointed agents to market my garden apartment in Milton.Conveyancing is yet to be initiated but I have just had a half-yearly service charge invoice – Do I pay up?

The sensible thing to do is clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

I am attracted to a two apartments in Milton which have approximately forty five years unexpired on the leases. Will this present a problem?

There is no doubt about it. A leasehold flat in Milton is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. The majority of buyers and mortgage companies, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 Milton 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 any new 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.

What advice can you give us when it comes to appointing a Milton conveyancing firm to carry out our lease extension conveyancing?

When appointing a property lawyer for lease extension works (regardless if they are a Milton conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Milton 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 familiar is the firm with lease extension legislation?
  • What are the legal fees for lease extension work?

    • Can you provide any advice for leasehold conveyancing in Milton from the perspective of saving time on the sale process?

    • Much of the delay in leasehold conveyancing in Milton can be reduced where you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the buyers conveyancers.
    • If you have carried out any alterations to the residence would they have required Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Milton state that internal structural alterations or addition of wooden flooring necessitate a licence issued by the Landlord approving such alterations. Where you fail to have the approvals in place you should not contact the landlord without contacting your lawyer before hand.
  • Some Milton leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet 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 buyers or their solicitors.
  • If there is a history of conflict with your landlord or managing agents it is very important that these are settled prior to the flat being marketed. The purchasers and their solicitors will be nervous about purchasing a flat where a dispute is unsettled. You may need to swallow your pride 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 ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to reveal the dispute as historic as opposed to unsettled.
  • You believe that you know the number of years remaining on your lease but it would be advisable verify this via your conveyancers. A purchaser's conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is under 80 years. In the circumstances it is important at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • I purchased a 1st floor flat in Milton, conveyancing was carried out in 2006. How much will my lease extension cost? Corresponding properties in Milton with an extended lease are worth £240,000. The average or mid-range amount of ground rent is £60 per annum. The lease expires on 21st October 2102

    With just 76 years unexpired we estimate the price of your lease extension to range between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.

    The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be other concerns 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 before getting professional advice.

    Other Topics

    Lease Extensions in Milton