Leasehold Conveyancing in Pevensey - Get a Quote from the leasehold experts approved by your lender

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When it comes to leasehold conveyancing in Pevensey, you will need to chose a conveyancing solicitor with leasehold experience. Whether your mortgage company is to be Clydesdale , RBS or Bradford & Bingley be sure to find a lawyer on their panel. Find a Pevensey conveyancing lawyer with our search tool

Pevensey leasehold conveyancing: Q and A’s

My partner and I may need to rent out our Pevensey 1st floor flat temporarily due to taking a sabbatical. We instructed a Pevensey conveyancing practice in 2002 but they have closed and we did not think at the time get any advice as to whether the lease allows us to sublet. How do we find out?

Your lease governs relations between the freeholder and you the leaseholder; specifically, it will set out if subletting is not allowed, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Pevensey do not contain strict prohibition on subletting – such a provision would adversely affect the market value the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the tenancy agreement.

I am hoping to sign contracts shortly on a ground floor flat in Pevensey. Conveyancing lawyers assured me that they report fully within the next couple of days. What should I be looking out for?

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

  • You should receive a copy of the lease
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Will you be prohibited or prevented from having pets in the property?
  • Whether your lease has a provision for a sinking fund?
  • Repair and maintenance of the flat
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building For details of the information to be included in your report on your leasehold property in Pevensey please enquire of your lawyer in ahead of your conveyancing in Pevensey

    • I am looking at a couple of flats in Pevensey both have about 50 years left on the lease term. Should I regard a short lease as a deal breaker?

    A lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the marketability of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this arena

    I work for a reputable estate agency in Pevensey where we see a number of flat sales put at risk due to leases having less than 80 years remaining. I have received inconsistent advice from local Pevensey conveyancing firms. Could you clarify whether the seller 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. This means that the buyer need not have 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 disposal of the property.

    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 buyer.

    Do you have any advice for leasehold conveyancing in Pevensey with the intention of speeding up the sale process?

    • Much of the frustration in leasehold conveyancing in Pevensey can be bypassed if you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold information needed by the buyers conveyancers.
    • If you have carried out any alterations to the property would they have required Landlord’s permission? In particular have you laid down wooden flooring? Pevensey leases often stipulate that internal structural changes or addition of wooden flooring necessitate a licence from the Landlord approving such changes. Where you dont have the approvals in place you should not communicate with the landlord without checking with your solicitor first.
  • Some Pevensey leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is 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 buyers or their lawyers.
  • If there is a history of any disputes with your freeholder or managing agents it is essential that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be warry about purchasing a property 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 reveal the dispute as over rather than unsettled.
  • If you are supposed to have a share in the freehold, you should make sure that you have the original share certificate. Obtaining a new share certificate can be a lengthy formality and slows down many a Pevensey home move. If a new share certificate is necessary, you should approach the company director and secretary or managing agents (where relevant) for this sooner rather than later.

    • I bought a studio flat in Pevensey, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Pevensey with over 90 years remaining are worth £166,000. The ground rent is £65 levied per year. The lease ends on 21st October 2083

    With only 58 years left to run we estimate the premium for your lease extension to span between £21,900 and £25,200 plus professional fees.

    The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Pevensey