Fixed-fee leasehold conveyancing in Newark on Trent:

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Top Five Questions relating to Newark on Trent leasehold conveyancing

Estate agents have just been given the go-ahead to market my 2 bed flat in Newark on Trent.Conveyancing lawyers have not yet been instructed but I have just had a yearly maintenance charge invoice – 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 managing agents 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.

My wife and I purchased a leasehold flat in Newark on Trent. Conveyancing and Nottingham Building Society mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1991. The conveyancing solicitor in Newark on Trent who acted for me is not around.Any advice?

The first thing you should do is contact HMLR to make sure that this person is in fact the registered owner of the freehold reversion. You do not need to instruct a Newark on Trent conveyancing firm to do this as you can do this on the Land Registry website for a few pound. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am looking at a two flats in Newark on Trent both have about 50 years left on the lease term. Will this present a problem?

A lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the value of the lease decreases and results in it becoming more expensive to extend the lease. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises 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 seek professional help from a conveyancer and surveyor with experience in this arena

I am employed by a reputable estate agent office in Newark on Trent where we have experienced a few flat sales derailed due to short leases. I have received inconsistent advice from local Newark on Trent conveyancing firms. Could you shed some light as to whether the owner of a flat can commence the lease extension formalities for the buyer?

As long as the seller has owned the lease 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. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.

Alternatively, it may be possible 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 purchaser.

Can you provide any top tips for leasehold conveyancing in Newark on Trent with the purpose of expediting the sale process?

  • Much of the delay in leasehold conveyancing in Newark on Trent can be avoided if you appoint lawyers the minute you market your property and request that they start to collate the leasehold information needed by the purchasers’ representatives.
  • Many landlords or Management Companies in Newark on Trent levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Newark on Trent.
  • In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Newark on Trent leases often stipulate that internal structural changes or installing wooden flooring necessitate a licence issued by the Landlord acquiescing to such works. Should you fail to have the approvals in place you should not contact the landlord without checking with your solicitor first.
  • If there is a history of conflict with your landlord or managing agents it is essential that these are settled before the property is put on the market. The buyers and their solicitors will be concerned about purchasing a flat where there is an ongoing dispute. You may need to swallow your pride and pay 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 details of the dispute to the purchasers, but it is better to present the dispute as over as opposed to ongoing.
  • You believe that you know the number of years left on your lease but it would be wise to verify this via your conveyancers. A purchaser's lawyer will be unlikely to recommend their client to where the remaining number of years is under 75 years. In the circumstances it is essential 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 premises on the market for sale.

    • I own a 1 bedroom flat in Newark on Trent, conveyancing formalities finalised 4 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Newark on Trent with an extended lease are worth £182,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease expires on 21st October 2090

    With just 65 years unexpired we estimate the price of your lease extension to range between £14,300 and £16,400 plus 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 tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you should 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 Newark on Trent