Guaranteed fixed fees for Leasehold Conveyancing in Park Langley

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While any conveyancing practice can theoretically deal with your leasehold conveyancing in Park Langley, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Top Five Questions relating to Park Langley leasehold conveyancing

Estate agents have just been given the go-ahead to market my ground floor flat in Park Langley.Conveyancing is yet to be initiated but I have just had a quarterly service charge invoice – should I leave it to the buyer to sort out?

Your conveyancing lawyer is likely to suggest that you should pay the service charge 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 management companies will not acknowledge the buyer unless 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.

I've found a house that seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have subsequently found out that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Park Langley. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Park Langley ?

The majority of houses in Park Langley are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are buying in Park Langley so you should seriously consider looking for a Park Langley conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your lawyer will report to you on the legal implications.

Can you offer any advice when it comes to appointing a Park Langley conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a solicitor for your lease extension (regardless if they are a Park Langley conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Park Langley conveyancing practices before you instructing a firm. Where the conveyancing practice 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?
  • If the firm is not ALEP accredited then what is the reason?

    • Do you have any advice for leasehold conveyancing in Park Langley from the perspective of saving time on the sale process?

    • Much of the frustration in leasehold conveyancing in Park Langley can be bypassed if you appoint lawyers the minute your agents start marketing the property and request that they start to put together the leasehold information which will be required by the purchasers’ lawyers.
    • Many landlords or Management Companies in Park Langley levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management information 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 frustration in leasehold conveyancing in Park Langley.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Park Langley leases often stipulate that internal structural alterations or addition of wooden flooring necessitate a licence issued by the Landlord consenting to such works. Where you fail to have the approvals in place you should not communicate with the landlord without checking with your solicitor before hand.
  • If you have the benefit of shareholding in the freehold, you should make sure that you have the original share document. Obtaining a re-issued share certificate is often a time consuming formality and slows down many a Park Langley home move. If a duplicate share certificate is necessary, you should approach the company director and secretary or managing agents (if applicable) for this at the earliest opportunity.
  • You believe that you know the number of years remaining on your lease but you should verify this via your lawyers. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the lease term is less than 80 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • What makes a Park Langley lease unmortgageable?

    There is nothing unique about leasehold conveyancing in Park Langley. All leases are individual and legal mistakes in the legal wording can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain parts of the building
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Norwich and Peterborough Building Society, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to pull out.

    I purchased a ground floor flat in Park Langley, conveyancing was carried out 2008. 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 flats in Park Langley with an extended lease are worth £210,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease expires on 21st October 2095

    With only 70 years remaining on your lease we estimate the price of your lease extension to span between £8,600 and £9,800 plus professional fees.

    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 without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Park Langley