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

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When it comes to leasehold conveyancing in Montpelier, you will need to chose a conveyancing practitioner with leasehold experience. Whether your lender is to be Lloyds, Yorkshire Building Society or Bradford & Bingley be sure to find a lawyer on their approved list. Find a Montpelier conveyancing lawyer with our search tool

Sample questions relating to Montpelier leasehold conveyancing

I have just started marketing my garden flat in Montpelier.Conveyancing solicitors are to be appointed soon but I have just had a quarterly service charge demand – what should I do?

It best that you pay 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 unless 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 tempted by the attractive purchase price for a two flats in Montpelier which have about 50 years left on the lease term. Should I regard a short lease as a deal breaker?

A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the saleability of the lease deteriorate and results in it becoming more expensive to extend the lease. This is why it is often a good idea to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this area

I am employed by a long established estate agent office in Montpelier where we have witnessed a number of flat sales jeopardised due to short leases. I have been given inconsistent advice from local Montpelier conveyancing solicitors. Could you shed some light as to whether the seller of a flat can start 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 proposed purchaser can avoid having to wait 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.

An alternative approach is 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.

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

When appointing a property lawyer for your lease extension (regardless if they are a Montpelier conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with several firms including non Montpelier conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:

  • If the firm is not ALEP accredited then what is the reason?
  • What are the costs for lease extension conveyancing?

    • Can you provide any top tips for leasehold conveyancing in Montpelier with the purpose of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Montpelier can be bypassed if you get in touch lawyers the minute your agents start advertising the property and ask them to put together the leasehold documentation which will be required by the buyers solicitors.
    • The majority freeholders or Management Companies in Montpelier levy fees for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information 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 usual cause of frustration in leasehold conveyancing in Montpelier.
  • In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Montpelier leases often stipulate that internal structural changes or addition of wooden flooring necessitate a licence issued by the Landlord acquiescing to such alterations. Where you fail to have the paperwork to hand do not communicate with the landlord without contacting your conveyancer before hand.
  • If there is a history of conflict with your freeholder or managing agents it is very important that these are settled before the property is marketed. The buyers and their solicitors will be concerned about purchasing a property where there is a current dispute. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to 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 present the dispute as historic rather than unsettled.
  • If you hold a share in a the freehold, you should make sure that you have the original share certificate. Arranging a replacement share certificate can be a time consuming process and slows down many a Montpelier home move. Where a reissued share is necessary, you should approach the company officers or managing agents (if applicable) for this sooner rather than later.

    • I am the registered owner of a basement flat in Montpelier, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Montpelier with an extended lease are worth £222,000. The ground rent is £45 levied per year. The lease runs out on 21st October 2086

    With 62 years left to run the likely cost is going to be between £19,000 and £22,000 as well as professional fees.

    The figure above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed due diligence. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Montpelier