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Examples of recent questions relating to leasehold conveyancing in Portslade

Planning to sign contracts shortly on a studio apartment in Portslade. Conveyancing solicitors inform me that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?

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

  • Are you allowed to have a pet in the flat?
  • You need to be told what constitutes a Nuisance in the lease
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • 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
  • Responsibility for repairing the window frames
  • What you can do if a neighbour breach a clause of their lease? For details of the information to be included in your report on your leasehold property in Portslade please enquire of your lawyer in advance of your conveyancing in Portslade

  • I am tempted by the attractive purchase price for a couple of apartments in Portslade both have about forty five years unexpired on the lease term. 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 a lease gets shorter the marketability of the lease decreases and results in it becoming more costly to extend the lease. This is why it is advisable to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this field

    I work for a busy estate agent office in Portslade where we have experienced a few flat sales jeopardised as a result of short leases. I have been given conflicting advice from local Portslade conveyancing firms. Could you shed some light as to whether the vendor of a flat can commence the lease extension process for the purchaser on completion of the sale?

    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 buyer 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 simultaneously with 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.

    What are your top tips when it comes to appointing a Portslade conveyancing practice to deal with our lease extension?

    If you are instructing a property lawyer for your lease extension (regardless if they are a Portslade conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non Portslade 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 of use:

    • How many lease extensions has the firm completed in Portslade in the last twenty four months?
  • Can they put you in touch with client in Portslade who can give a testimonial?

  • Can you provide any top tips for leasehold conveyancing in Portslade from the perspective of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Portslade can be reduced if you appoint lawyers the minute your agents start marketing the property and request that they start to put together the leasehold information which will be required by the purchasers’ solicitors.
    • A minority of Portslade leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the annual 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 actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • If you have had conflict with your landlord or managing agents it is essential that these are settled prior to the flat being put on the market. The buyers and their solicitors will be warry about purchasing a property where there is an ongoing dispute. You may need to swallow your pride 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 are still duty bound to disclose particulars of the dispute to the buyers, but it is better to reveal the dispute as over as opposed to ongoing.
  • If you have the benefit of shareholding in the freehold, you should ensure that you are holding the original share certificate. Arranging a duplicate share certificate is often a time consuming formality and slows down many a Portslade home move. Where a reissued share is required, you should approach the company director and secretary or managing agents (where applicable) for this at the earliest opportunity.
  • You believe that you know the number of years remaining on your lease but it would be advisable double-check via your conveyancers. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the remaining number of years is below 80 years. It is therefore essential at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

  • Portslade Conveyancing for Leasehold Flats - Sample of Questions you should consider before buying

      It would be sensible to discover as much as possible concerning the company managing the building as they can either make life much easier or uncomfortable. As the owner of a leasehold property you are often at the mercy of the managing agents from a financial perspective and when it comes to day to day issues such as the upkeep of the common parts. Enquire of other people what they think of them. Finally, find out the dates that the service fees are due to the managing agents and precisely how they are spending that money. What is the the remaining lease term? Is anyone aware of any major works in the near future that will increase the service charges?

    Other Topics

    Lease Extensions in Portslade