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Nailsworth leasehold conveyancing: Q and A’s

I've found a house that appears to meet my requirements, at a great figure which is making it more attractive. I have since discovered that the title is leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Nailsworth. Conveyancing advisers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Nailsworth ?

Most houses in Nailsworth are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Nailsworth so you should seriously consider shopping around for a Nailsworth conveyancing solicitor and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your lawyer should report to you on the legal implications.

I am looking at a two maisonettes in Nailsworth both have in the region of fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Nailsworth. The lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the value of the lease deteriorate and it becomes more costly to extend the lease. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this field

Last month I purchased a leasehold house in Nailsworth. Am I liable to pay service charges relating to a period prior to my ownership?

In a situation 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. However, 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).

What are your top tips when it comes to finding a Nailsworth conveyancing practice to deal with our lease extension?

When appointing a conveyancer for lease extension works (regardless if they are a Nailsworth conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Nailsworth conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:

  • How experienced is the firm with lease extension legislation?
  • How many lease extensions have they completed in Nailsworth in the last 12 months?

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

    • Much of the frustration in leasehold conveyancing in Nailsworth can be avoided where you instruct lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information which will be required by the purchasers’ conveyancers.
    • Many landlords or Management Companies in Nailsworth levy fees for providing management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Nailsworth.
  • In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Most leases in Nailsworth state that internal structural changes or addition of wooden flooring calls for a licence issued by the Landlord consenting to such works. Should you fail to have the consents in place you should not communicate with the landlord without checking with your conveyancer first.
  • Some Nailsworth leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand 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 actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • If you have had any disputes with your landlord or managing agents it is essential that these are resolved before the property is put on the market. The buyers and their solicitors will be concerned about purchasing a flat where there is a current dispute. You may have to bite the bullet 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 ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic as opposed to ongoing.

    • I purchased a studio flat in Nailsworth, conveyancing having been completed 8 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Nailsworth with over 90 years remaining are worth £220,000. The ground rent is £55 charged once a year. The lease expires on 21st October 2082

    With 57 years left to run we estimate the price of your lease extension to span between £27,600 and £31,800 as well as legals.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Nailsworth