Quality lawyers for Leasehold Conveyancing in Penn

Get a Quote

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

Penn leasehold conveyancing: Q and A’s

Having had my offer accepted I require leasehold conveyancing in Penn. Before diving in I would like to find out the remaining lease term.

If the lease is registered - and most are in Penn - then the leasehold title will always include the basic details 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.

Having checked my lease I have discovered that there are only Fifty years left on my lease in Penn. I now want to extend my lease but my landlord is missing. What options are available to me?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. However, you will be required to prove that you have used your best endeavours to locate the freeholder. In some cases an enquiry agent should be useful to try and locate and prepare an expert document to be accepted by the court as evidence that the landlord can not be located. It is wise to seek advice from a solicitor in relation to proving the landlord’s absence and the vesting order request to the County Court covering Penn.

Planning to exchange soon on a leasehold property in Penn. Conveyancing lawyers inform me that they will have a report out to me within the next couple of days. What should I be looking out for?

The report on title for your leasehold conveyancing in Penn should include some of the following:

  • You should be sent a copy of the lease
  • Do you need to have carpet in the flat or are you allowed wood flooring?
  • Are pets allowed in the flat?
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions)
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • Responsibility for repairing the window frames For details of the information to be included in your report on your leasehold property in Penn please enquire of your lawyer in advance of your conveyancing in Penn

    • I am looking at a two apartments in Penn which have in the region of 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?

    A lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the value of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this arena

    Can you provide any advice for leasehold conveyancing in Penn with the aim of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Penn can be bypassed if you instruct lawyers as soon as your agents start advertising the property and ask them to collate the leasehold documentation needed by the purchasers’ representatives.
    • The majority landlords or Management Companies in Penn charge for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Penn.
  • In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Penn state that internal structural alterations or laying down wooden flooring calls for a licence from the Landlord consenting to such changes. Should you dont have the consents to hand do not contact the landlord without contacting your lawyer in the first instance.
  • If you have had any disputes with your landlord or managing agents it is essential that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may have to bite the bullet and pay 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 purchasers, but it is better to present the dispute as over as opposed to ongoing.
  • If you have the benefit of shareholding in the freehold, you should make sure that you are holding the original share certificate. Organising a replacement share certificate is often a time consuming formality and slows down many a Penn conveyancing deal. If a reissued share is needed, you should approach the company director and secretary or managing agents (where relevant) for this sooner rather than later.

    • I invested in buying a basement flat in Penn, conveyancing having been completed 5 years ago. How much will my lease extension cost? Equivalent properties in Penn with a long lease are worth £224,000. The ground rent is £65 per annum. The lease expires on 21st October 2080

    With only 55 years remaining on your lease we estimate the premium for your lease extension to span between £31,400 and £36,200 plus plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Penn