Fixed-fee leasehold conveyancing in Moulton:

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Top Five Questions relating to Moulton leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Moulton. Before diving in I require certainty as to the remaining lease term.

Assuming the lease is recorded at the land registry - and most are in Moulton - 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 am hoping to exchange soon on a leasehold property in Moulton. Conveyancing solicitors assured me that they will have a report out to me within the next couple of days. What should I be looking out for?

Your report on title for your leasehold conveyancing in Moulton should include some of the following:

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Setting out your legal entitlements in respect of common areas in the block.For example, does the lease grant a right of way over an accessway or staircase?
  • Whether the lease restricts you from renting out the property, or having a home office for business
  • You need to be told what counts as a Nuisance in the lease
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice? For a comprehensive list of information to be contained in your report on your leasehold property in Moulton please ask your lawyer in advance of your conveyancing in Moulton

    • I've found a house that seems to meet my requirements, at a reasonable figure which is making it more attractive. I have subsequently found out that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Moulton. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Moulton ?

    The majority of houses in Moulton are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Moulton so you should seriously consider looking for a Moulton conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your solicitor should advise you fully on all the issues.

    I work for a reputable estate agent office in Moulton where we see a few leasehold sales derailed due to short leases. I have received contradictory information from local Moulton conveyancing firms. Could you confirm whether the owner of a flat can start the lease extension formalities for the purchaser on completion of the sale?

    As long as the seller has been the owner 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. The benefit of this is that the buyer can avoid having to wait 2 years to extend their lease. 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 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 purchaser.

    Do you have any top tips for leasehold conveyancing in Moulton from the perspective of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Moulton can be bypassed where you appoint lawyers the minute you market your property and request that they start to collate the leasehold information needed by the buyers lawyers.
    • The majority landlords or Management Companies in Moulton levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Moulton.
  • A minority of Moulton 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 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 service charge figures so that they can pass this information on to the purchasers or their solicitors.
  • If there is a history of conflict with your landlord or managing agents it is essential that these are settled prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may need to swallow your pride and pay 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 particulars of the dispute to the buyers, but it is better to reveal the dispute as historic rather than ongoing.
  • You believe that you know the number of years left on your lease but you should double-check by asking your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to where the lease term is under 75 years. It is therefore essential at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • I own a ground floor flat in Moulton, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Moulton with an extended lease are worth £260,000. The average or mid-range amount of ground rent is £60 yearly. The lease terminates on 21st October 2086

    With just 60 years left to run we estimate the premium for your lease extension to range between £22,800 and £26,400 plus legals.

    The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Moulton