Fixed-fee leasehold conveyancing in Potton:

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When it comes to leasehold conveyancing in Potton, you will need to appoint a conveyancing solicitor with leasehold experience. Whether your mortgage company is to be Halifax, RBS or NatWest make sure you choose a lawyer on their approved list. Find a Potton conveyancing lawyer with our search tool

Common questions relating to Potton leasehold conveyancing

Expecting to exchange soon on a ground floor flat in Potton. Conveyancing lawyers have said that they will have a report out to me on Monday. What should I be looking out for?

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

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • Defining your rights in relation to the communal areas in the block.E.G., does the lease permit a right of way over an accessway or staircase?
  • Does the lease require carpeting throughout thus preventing wood flooring?
  • You should be told what constitutes a Nuisance in the lease
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Repair and maintenance of the flat
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be contained in your report on your leasehold property in Potton please enquire of your conveyancer in ahead of your conveyancing in Potton

    • I have just started marketing my basement apartment in Potton.Conveyancing is yet to be initiated but I have just received a yearly maintenance charge invoice – Do I pay up?

    It best that you clear the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

    Last month I purchased a leasehold flat in Potton. Am I liable to pay service charges relating to a period prior to my ownership?

    Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, 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 employed by a reputable estate agency in Potton where we have witnessed a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have received contradictory information from local Potton conveyancing solicitors. Could you clarify whether the owner of a flat can initiate the lease extension formalities 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having 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.

    Can you provide any advice for leasehold conveyancing in Potton with the intention of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Potton can be bypassed where you appoint lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information which will be required by the purchasers’ lawyers.
    • The majority landlords or managing agents in Potton levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Potton.
  • If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you laid down wooden flooring? Potton leases often stipulate that internal structural alterations or addition of wooden flooring require a licence issued by the Landlord acquiescing to such changes. Should you dont have the approvals to hand do not communicate with the landlord without contacting your solicitor before hand.
  • If you are supposed to have a share in the Management Company, you should ensure that you have the original share certificate. Organising a replacement share certificate can be a lengthy process and slows down many a Potton conveyancing transaction. If a duplicate share certificate is necessary, you should approach the company officers or managing agents (where applicable) for this as soon as possible.
  • You believe that you know the number of years remaining on your lease but you should verify this by asking your conveyancers. A purchaser's lawyer will not be happy to advise their client to where the remaining number of years is less than 80 years. It is therefore essential at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • I bought a studio flat in Potton, conveyancing having been completed in 2005. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Potton with an extended lease are worth £212,000. The ground rent is £65 charged once a year. The lease ends on 21st October 2081

    With 57 years left to run we estimate the price of your lease extension to be between £23,800 and £27,400 as well as legals.

    The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Potton