Fixed-fee leasehold conveyancing in Nailsworth:

Get a Quote

Looking for a solicitor for leasehold conveyancing in Nailsworth on your lender’s panel? Use our search tool to find quality local Nailsworth conveyancing practitioners or national solicitors on your lender’s panel .

Top Five Questions relating to Nailsworth leasehold conveyancing

I’m about to sell my basement flat in Nailsworth.Conveyancing lawyers have not yet been instructed but I have just received a yearly service charge demand – what should I do?

The sensible thing to do is 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 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. Having a clear account will assist your cause and will leave you no worse off financially.

I work for a long established estate agency in Nailsworth where we have witnessed a number of flat sales derailed as a result of short leases. I have been given contradictory information from local Nailsworth conveyancing solicitors. Can you confirm whether the seller 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 need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, 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 buyer.

What are your top tips when it comes to finding a Nailsworth conveyancing firm to carry out our lease extension conveyancing?

When appointing a property lawyer for your lease extension (regardless if they are a Nailsworth conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Nailsworth conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

  • How familiar is the firm with lease extension legislation?
  • Can they put you in touch with client in Nailsworth who can give a testimonial?

    • Can you provide any top tips for leasehold conveyancing in Nailsworth from the point of view of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Nailsworth can be reduced where you get in touch lawyers as soon as your agents start advertising the property and ask them to put together the leasehold documentation which will be required by the buyers solicitors.
    • If you have carried out any alterations to the residence would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Nailsworth state that internal structural changes or addition of wooden flooring calls for a licence from the Landlord consenting to such works. Should you dont have the consents in place do not contact the landlord without contacting your conveyancer in advance.
  • If there is a history of any disputes with your freeholder or managing agents it is very important that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve 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 buyers, but it is clearly preferable to reveal the dispute as over as opposed to unresolved.
  • If you have the benefit of shareholding in the Management Company, you should ensure that you are holding the original share certificate. Organising a duplicate share certificate can be a lengthy formality and frustrates many a Nailsworth conveyancing transaction. Where a new share is required, you should approach the company officers or managing agents (where applicable) for this at the earliest opportunity.
  • You may think that you are aware of the number of years left on your lease but it would be wise to verify this via your lawyers. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the remaining number of years is under 75 years. In the circumstances it is important at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • In relation to leasehold conveyancing in Nailsworth what are the most frequent lease defects?

    There is nothing unique about leasehold conveyancing in Nailsworth. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain parts of the premises
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Chelsea Building Society, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to withdraw.

    Nailsworth Leasehold Conveyancing - Sample of Queries before Purchasing

      Many Nailsworth leasehold properties will be liable to pay a service charge for the upkeep of the block levied by the freeholder. Should you buy the apartment you will have to meet this charge, normally in instalments during the year. This can vary from two or three hundred pounds to thousands of pounds for buildings with lifts and large communal grounds. In all probability there will be a rentcharge for you to pay annual, this is usually not a exorbitant amount, say about £25-£75 but you should to enquire it because occasionally it can be many hundreds of pounds. Best to be warned if changing the roof or some other major work is due shortly to be shared between the leasehold owners and could well dramatically increase the the maintenance costs or require a specific payment. It would be wise to find out as much as possible about the company managing the building as they will either make your life much simpler or problematic. As the proprietor of a leasehold property you are often at the mercy of the managing agents from a financial perspective and when it comes to every day matters such as the cleanliness of the communal areas. Don't be shy to ask other people what they think of their management. On a final note, be sure you understand the dates that the service fees are due to the managing agents and specifically how they are spending that money.

    Other Topics

    Lease Extensions in Nailsworth