I am on look out for some leasehold conveyancing in Newton Ferrers. Before diving in I want to be sure as to the number of years remaining on the lease.

If the lease is recorded at the land registry - and 99.9% are in Newton Ferrers - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I am employed by a long established estate agent office in Newton Ferrers where we have experienced a number of leasehold sales put at risk due to short leases. I have received inconsistent advice from local Newton Ferrers conveyancing firms. Can you shed some light as to whether the vendor of a flat can commence the lease extension process for the purchaser on completion of the sale?

Provided that 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 buyer can avoid having 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 simultaneously with completion of the sale.

An alternative approach is 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 offer any advice when it comes to choosing a Newton Ferrers conveyancing practice to deal with our lease extension?

If you are instructing a solicitor for your lease extension (regardless if they are a Newton Ferrers conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Newton Ferrers conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:

• How experienced is the firm with lease extension legislation?

What are the legal fees for lease extension conveyancing?

Do you have any top tips for leasehold conveyancing in Newton Ferrers from the point of view of saving time on the sale process?

• A significant proportion of the delay in leasehold conveyancing in Newton Ferrers can be avoided where you get in touch lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold information which will be required by the buyers lawyers.
• The majority freeholders or Management Companies in Newton Ferrers levy fees for providing management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Newton Ferrers.

A minority of Newton Ferrers leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly 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 purchasers or their solicitors.

If you have had any disputes with your freeholder or managing agents it is essential that these are resolved prior to the flat being marketed. 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 the buyers completing the purchase. 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 buyers, but it is better to present the dispute as over rather than unsettled.

If you are supposed to have a share in the Management Company, you should make sure that you hold the original share certificate. Arranging a replacement share certificate can be a time consuming formality and frustrates many a Newton Ferrers conveyancing deal. Where a reissued share certificate is needed, you should approach the company director and secretary or managing agents (if relevant) for this sooner rather than later.

If all goes to plan we aim to complete the disposal of our £400000 flat in Newton Ferrers next Friday . The freeholder has quoted £384 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Newton Ferrers?

For the majority of leasehold sales in Newton Ferrers conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Completing conveyancing due diligence questions
• Where consent is required before sale in Newton Ferrers
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your solicitor will have no control over the level of the charges for this information but the average costs for the information for Newton Ferrers leasehold property is £350. For Newton Ferrers conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to supply answers.

I acquired a split level flat in Newton Ferrers, conveyancing was carried out 3 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Newton Ferrers with over 90 years remaining are worth £203,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease runs out on 21st October 2102

With 76 years unexpired the likely cost is going to range between £11,400 and £13,200 plus costs.

The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.

Other Topics

Lease Extensions in Newton Ferrers