Experts for Leasehold Conveyancing in Mulbarton

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While any conveyancing practice can theoretically handle your leasehold conveyancing in Mulbarton, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Questions and Answers: Mulbarton leasehold conveyancing

I have just started marketing my ground floor flat in Mulbarton.Conveyancing solicitors are to be appointed soon but I have just had a quarterly maintenance charge demand – should I leave it to the buyer to sort out?

The sensible thing to do is discharge the invoice 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 management companies 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've found a house that seems to be perfect, at a great figure which is making it all the more appealing. I have subsequently found out that it's a leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Mulbarton. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?

The majority of houses in Mulbarton are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are buying in Mulbarton so you should seriously consider looking for a Mulbarton conveyancing practitioner and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the house is located on an estate. Your conveyancer will report to you on the legal implications.

I am looking at a couple of apartments in Mulbarton both have about 50 years unexpired on the leases. should I be concerned?

A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the value of the lease decreases and it becomes more costly to extend the lease. This is why it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this area

Last month I purchased a leasehold house in Mulbarton. Am I liable to pay service charges for periods before completion of my purchase?

Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Do you have any top tips for leasehold conveyancing in Mulbarton from the perspective of speeding up the sale process?

  • Much of the delay in leasehold conveyancing in Mulbarton can be avoided if you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold documentation which will be required by the buyers lawyers.
  • In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Mulbarton state that internal structural alterations or laying down wooden flooring necessitate a licence issued by the Landlord approving such changes. If you dont have the paperwork to hand you should not communicate with the landlord without contacting your conveyancer in advance.
  • Some Mulbarton leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying 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 you are supposed to have a share in the freehold, you should ensure that you are holding the original share certificate. Obtaining a duplicate share certificate is often a time consuming formality and frustrates many a Mulbarton home move. Where a reissued share is needed, you should approach the company officers or managing agents (where relevant) for this as soon as possible.
  • You believe that you know the number of years remaining on your lease but it would be wise to verify this via your lawyers. A purchaser's conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is less than 75 years. It is therefore important at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • I invested in buying a split level flat in Mulbarton, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Mulbarton with a long lease are worth £238,000. The ground rent is £50 invoiced every year. The lease ceases on 21st October 2096

    With just 71 years remaining on your lease we estimate the premium for your lease extension to range between £9,500 and £11,000 plus professional fees.

    The figure 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 the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Mulbarton