Fixed-fee leasehold conveyancing in Polesworth:

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Questions and Answers: Polesworth leasehold conveyancing

I am on look out for some leasehold conveyancing in Polesworth. Before diving in I want to be sure as to the remaining lease term.

If the lease is recorded at the land registry - and most are in Polesworth - 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.

I own a leasehold house in Polesworth. Conveyancing and The Mortgage Works mortgage are in place. I have received a letter from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Polesworth who previously acted has now retired.Do I pay?

The first thing you should do is contact HMLR to be sure that the individual purporting to own the freehold is in fact the new freeholder. It is not necessary to incur the fees of a Polesworth conveyancing practitioner to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I work for a long established estate agent office in Polesworth where we have experienced a number of flat sales jeopardised as a result of short leases. I have been given contradictory information from local Polesworth conveyancing solicitors. Please can you clarify whether the owner of a flat can start the lease extension formalities for the buyer?

As long as the seller has owned the lease 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 can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, 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 purchaser.

Can you offer any advice when it comes to choosing a Polesworth conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a solicitor for lease extension works (regardless if they are a Polesworth conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non Polesworth conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:

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

    • Do you have any top tips for leasehold conveyancing in Polesworth with the purpose of expediting the sale process?

    • Much of the frustration in leasehold conveyancing in Polesworth can be avoided if you get in touch lawyers the minute you market your property and ask them to put together the leasehold documentation needed by the buyers representatives.
    • The majority freeholders or Management Companies in Polesworth levy fees for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for on or before finding 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 delay in leasehold conveyancing in Polesworth.
  • If you have had conflict with your landlord or managing agents it is very important that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is ongoing. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to present the dispute as over rather than ongoing.
  • If you hold a share in a the Management Company, you should ensure that you hold the original share document. Obtaining a replacement share certificate is often a lengthy formality and frustrates many a Polesworth conveyancing transaction. Where a duplicate share is needed, do contact 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 by asking your solicitors. A buyer’s lawyer will be unlikely to recommend their client to where the remaining number of years is less than 80 years. In the circumstances it is essential at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • Leasehold Conveyancing in Polesworth - Examples of Questions you should consider Prior to buying

      It would be a good idea to enquire if there are any onerous prohibitions in the lease. For example it is fairly common in Polesworth leases that pets are not allowed in certain buildings in Polesworth. If you love the flatin Polesworth yet your cat can’t live with you then you will be faced hard compromise. The prefered form of lease structure is a share of the freehold. In this situation the tenants enjoy control and even though a managing agent is often employed if the building is larger than a house conversion, the managing agent is directed by the tenants. What prohibitions are there in the Polesworth Lease?

    Other Topics

    Lease Extensions in Polesworth