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Leasehold conveyancing in Newport Pagnell is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Newport Pagnell and across next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Sample questions relating to Newport Pagnell leasehold conveyancing

Estate agents have just been given the go-ahead to market my ground floor flat in Newport Pagnell.Conveyancing lawyers have not yet been instructed but I have just had a yearly maintenance charge demand – Do I pay up?

It best that you clear 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. This will smooth the conveyancing process.

My wife and I purchased a leasehold flat in Newport Pagnell. Conveyancing and HSBC Bank mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1991. The conveyancing practitioner in Newport Pagnell who acted for me is not around.What should I do?

First make enquiries of the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Newport Pagnell conveyancing practitioner to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am attracted to a two flats in Newport Pagnell both have in the region of fifty years left on the leases. Will this present a problem?

There are no two ways about it. A leasehold flat in Newport Pagnell is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. The majority of purchasers and lenders, leases with less than 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 a residence 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 Newport Pagnell conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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.

I am employed by a long established estate agent office in Newport Pagnell where we have experienced a number of flat sales derailed as a result of short leases. I have been given inconsistent advice from local Newport Pagnell conveyancing firms. Could you clarify whether the owner of a flat can commence the lease extension process for the purchaser on completion of the sale?

Provided that 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. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible to agree the lease extension with the freeholder 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.

Can you provide any top tips for leasehold conveyancing in Newport Pagnell from the point of view of saving time on the sale process?

  • Much of the delay in leasehold conveyancing in Newport Pagnell can be avoided where you get in touch lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the buyers lawyers.
  • The majority freeholders or Management Companies in Newport Pagnell charge for providing management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Newport Pagnell.
  • In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Newport Pagnell leases often stipulate that internal structural changes or installing wooden flooring require a licence issued by the Landlord approving such changes. Where you dont have the approvals to hand do not contact the landlord without contacting your conveyancer first.
  • If you have had conflict with your freeholder or managing agents it is essential that these are settled prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase 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 are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to present the dispute as historic as opposed to unresolved.
  • You believe that you know the number of years remaining on your lease but you should verify this via your lawyers. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the lease term is under 80 years. In the circumstances it is essential at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • I acquired a garden flat in Newport Pagnell, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Newport Pagnell with a long lease are worth £234,000. The average or mid-range amount of ground rent is £45 per annum. The lease ceases on 21st October 2087

    With only 63 years remaining on your lease we estimate the price of your lease extension to span between £20,000 and £23,000 plus costs.

    The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Newport Pagnell