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

Frequently asked questions relating to Pinnerwood Park leasehold conveyancing

Planning to exchange soon on a leasehold property in Pinnerwood Park. Conveyancing solicitors have said that they are sending me a report within the next couple of days. What should I be looking out for?

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

  • You should receive a copy of the lease
  • Defining your legal entitlements in respect of the communal areas in the building.For example, does the lease grant a right of way over an accessway or staircase?
  • You should be told what counts as a Nuisance in the lease
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • Repair and maintenance of the flat
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • 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 contained in your report on your leasehold property in Pinnerwood Park please ask your solicitor in advance of your conveyancing in Pinnerwood Park

    • I've recently bought a leasehold flat in Pinnerwood Park. Do I have any liability for service charges relating to a period prior to my ownership?

    Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, 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 Pinnerwood Park where we have experienced a few flat sales put at risk as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Pinnerwood Park conveyancing solicitors. Please can you clarify whether the seller of a flat can commence the lease extension process for the buyer?

    Provided that the seller has been the owner 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. This means 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 has to be done prior to, or at the same time as completion of the disposal of the property.

    An alternative approach is 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 buyer.

    What advice can you give us when it comes to choosing a Pinnerwood Park conveyancing practice to carry out our lease extension conveyancing?

    If you are instructing a conveyancer for your lease extension (regardless if they are a Pinnerwood Park conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Pinnerwood Park conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:

    • If they are not ALEP accredited then why not?
  • What are the charges for lease extension work?

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

    • Much of the delay in leasehold conveyancing in Pinnerwood Park can be reduced if you instruct lawyers as soon as you market your property and request that they start to collate the leasehold information needed by the buyers representatives.
    • In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Most leases in Pinnerwood Park state that internal structural alterations or installing wooden flooring calls for a licence from the Landlord consenting to such works. Where you fail to have the paperwork in place do not communicate with the landlord without contacting your solicitor before hand.
  • 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 reluctant to purchase a property where there is a current dispute. You will have to accept that you will have to 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 details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over as opposed to unresolved.
  • If you have the benefit of shareholding in the freehold, you should ensure that you have the original share certificate. Obtaining a replacement share certificate is often a time consuming process and slows down many a Pinnerwood Park conveyancing transaction. If a new share certificate is required, do contact the company officers or managing agents (if applicable) for this at the earliest opportunity.
  • You may think that you are aware of the number of years left on your lease but it would be advisable double-check by asking your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to where the remaining number of years is below 75 years. It is therefore essential at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • I bought a leasehold flat in Pinnerwood Park, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Pinnerwood Park with a long lease are worth £222,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease ceases on 21st October 2096

    With only 70 years remaining on your lease we estimate the price of your lease extension to range between £10,500 and £12,000 as well as professional fees.

    The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Pinnerwood Park