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Sample questions relating to Mountsorrel leasehold conveyancing

I am in need of some leasehold conveyancing in Mountsorrel. Before I set the wheels in motion I want to be sure as to the remaining lease term.

Assuming the lease is registered - and most are in Mountsorrel - 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've found a house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have subsequently been informed that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Mountsorrel. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Mountsorrel ?

The majority of houses in Mountsorrel are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Mountsorrel in which case you should be looking for a Mountsorrel conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’spermission to carry out alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your lawyer will advise you fully on all the issues.

I am tempted by the attractive purchase price for a couple of maisonettes in Mountsorrel both have in the region of forty five years left on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Mountsorrel is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the value of the premises. For most purchasers and mortgage companies, leases with under 75 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 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 property 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 Mountsorrel conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.

Can you provide any top tips for leasehold conveyancing in Mountsorrel with the intention of expediting the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Mountsorrel can be bypassed if you instruct lawyers the minute you market your property and request that they start to collate the leasehold documentation which will be required by the purchasers’ conveyancers.
  • The majority freeholders or Management Companies in Mountsorrel charge for providing management packs for a leasehold premises. You or your lawyers should find out 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 obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Mountsorrel.
  • Some Mountsorrel leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is 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 purchasers or their solicitors.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you hold the original share document. Arranging a duplicate share certificate is often a lengthy formality and slows down many a Mountsorrel conveyancing transaction. Where a duplicate share is required, do contact the company officers or managing agents (where relevant) for this at the earliest opportunity.
  • You believe that you know the number of years remaining on your lease but you should double-check by asking your lawyers. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is below 75 years. It is therefore essential at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • All being well we will complete our sale of a £400000 apartment in Mountsorrel in just under a week. The landlords agents has quoted £396 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Mountsorrel?

    Mountsorrel conveyancing on leasehold maisonettes usually requires the purchaser’s conveyancer sending questions for the landlord to answer. Although the landlord is not legally bound to answer these enquiries the majority will be content to assist. They may invoice a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some transactions it is in excess of £800. The administration charge invoiced by the landlord must be sent together with a synopsis of rights and obligations in relation to administration fees, without which the invoice is technically not due. In reality one has little option but to pay whatever is demanded if you want to sell the property.

    I bought a 2 bed flat in Mountsorrel, conveyancing having been completed 8 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Mountsorrel with over 90 years remaining are worth £220,000. The average or mid-range amount of ground rent is £45 levied per year. The lease expires on 21st October 2076

    You have 51 years left to run we estimate the premium for your lease extension to be between £39,900 and £46,200 as well as costs.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Mountsorrel