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Any conveyancing solicitor can theoretically handle your leasehold conveyancing in Northop, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Northop leasehold conveyancing: Q and A’s

I am in need of some leasehold conveyancing in Northop. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.

If the lease is registered - and most are in Northop - 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 hoping to sign contracts shortly on a garden flat in Northop. Conveyancing solicitors assured me that they report fully next week. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Northop should include some of the following:

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • The physical extent of the demise. This will be the flat itself but may include a roof space or cellar if appropriate.
  • Setting out your rights in respect of common areas in the block.For example, does the lease include a right of way over a path or hallways?
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Repair and maintenance of the flat
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • Responsibility for repairing the window frames For details of the information to be included in your report on your leasehold property in Northop please enquire of your conveyancer in advance of your conveyancing in Northop

    • Last month I purchased a leasehold flat in Northop. Do I have any liability for service charges relating to a period prior to completion of my purchase?

    In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure 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).

    I am a negotiator for a reputable estate agency in Northop where we see a few leasehold sales put at risk due to short leases. I have been given inconsistent advice from local Northop conveyancing firms. Could you clarify 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 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 simultaneously with 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 Northop from the perspective of saving time on the sale process?

    • Much of the delay in leasehold conveyancing in Northop can be bypassed if you appoint 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 purchasers’ lawyers.
    • If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Northop state that internal structural changes or addition of wooden flooring calls for a licence from the Landlord acquiescing to such changes. Where you dont have the consents to hand you should not contact the landlord without contacting your conveyancer first.
  • If there is a history of conflict with your landlord or managing agents it is very important that these are settled before the property is put on the market. The purchasers and their solicitors will be warry about purchasing a property where a dispute is unresolved. You may need to swallow your pride and pay any arrears of service charge or settle 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 particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over rather than unresolved.
  • If you are supposed to have a share in the freehold, you should make sure that you have the original share document. Organising a re-issued share certificate is often a time consuming formality and frustrates many a Northop home move. If a duplicate share is needed, do contact the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.
  • You believe that you know the number of years remaining on your lease but it would be wise to verify this by asking your solicitors. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the remaining number of years is below 80 years. It is therefore important at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • I inherited a basement flat in Northop, conveyancing was carried out in 1999. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Northop with over 90 years remaining are worth £262,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease ceases on 21st October 2079

    With only 54 years remaining on your lease we estimate the premium for your lease extension to range between £35,200 and £40,600 as well as professional fees.

    The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Northop