Fixed-fee leasehold conveyancing in Penwortham:

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Penwortham leasehold conveyancing: Q and A’s

I am hoping to complete next month on a garden flat in Penwortham. Conveyancing lawyers have said that they are sending me a report on Monday. What should I be looking out for?

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

  • You should be sent a copy of the lease
  • The physical extent of the property. This will be the property itself but may incorporate a loft or basement if applicable.
  • Does the lease prohibit wood flooring?
  • Are you allowed to have a pet in the flat?
  • Whether your lease has a provision for a sinking fund?
  • 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 contained in your report on your leasehold property in Penwortham please enquire of your solicitor in advance of your conveyancing in Penwortham

    • I've found a house that appears to be perfect, at a reasonable figure which is making it more attractive. I have just discovered that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Penwortham. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Penwortham ?

    Most houses in Penwortham are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are purchasing in Penwortham so you should seriously consider shopping around for a Penwortham 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. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’spermission to carry out changes to the property. It may be necessary to pay a contribution towards the maintenance of the communal areas where the house is part of an estate. Your conveyancer will advise you fully on all the issues.

    I am looking at a couple of maisonettes in Penwortham both have approximately 50 years remaining on the lease term. should I be concerned?

    A lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the value of the lease deteriorate and results in it becoming more costly to extend the lease. This is why it is generally wise to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this arena

    I am a negotiator for a long established estate agent office in Penwortham where we see a few flat sales jeopardised due to short leases. I have received contradictory information from local Penwortham conveyancing firms. Please can you shed some light as to whether the owner of a flat can start the lease extension process for the buyer?

    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. The benefit of this is 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 needs to be completed before, or at the same time as 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 purchaser.

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

    • A significant proportion of the delay in leasehold conveyancing in Penwortham can be bypassed if you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ conveyancers.
    • Many landlords or Management Companies in Penwortham levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack sought on or before finding 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 delay in leasehold conveyancing in Penwortham.
  • If you have carried out any alterations to the premises would they have required Landlord’s consent? In particular have you laid down wooden flooring? Penwortham leases often stipulate that internal structural changes or installing wooden flooring necessitate a licence issued by the Landlord consenting to such alterations. Where you dont have the paperwork to hand do not contact the landlord without checking with your solicitor in advance.
  • If you have had conflict with your landlord or managing agents it is very important that these are resolved before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a flat where there is a current 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 prior to 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 reveal the dispute as historic as opposed to unsettled.
  • You believe that you know the number of years remaining on your lease but it would be advisable verify this by asking your solicitors. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is less than 75 years. In the circumstances it is essential at an as soon as possible that you consider 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.

    • I purchased a 2 bed flat in Penwortham, conveyancing formalities finalised in 2000. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Penwortham with an extended lease are worth £190,000. The ground rent is £55 levied per year. The lease runs out on 21st October 2102

    You have 77 years remaining on your lease we estimate the premium for your lease extension to be between £11,400 and £13,200 as well as plus your own and the landlord's "reasonable" professional fees.

    The figure 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 comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously 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 Penwortham