Guaranteed fixed fees for Leasehold Conveyancing in Prescot and Knowlsey

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Examples of recent questions relating to leasehold conveyancing in Prescot and Knowlsey

Looking forward to complete next month on a ground floor flat in Prescot and Knowlsey. Conveyancing lawyers assured me that they are sending me a report on Monday. What should I be looking out for?

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

  • The unexpired lease term You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
  • Are pets allowed in the flat?
  • Does the lease prevent you from renting out the flat, or working from home
  • You should have a good understanding of the insurance provisions
  • Repair and maintenance of the flat
  • Changes to the flat (alterations and additions)
  • What you can do if a neighbour is in violation of a provision in their lease? For details of the information to be contained in your report on your leasehold property in Prescot and Knowlsey please enquire of your conveyancer in advance of your conveyancing in Prescot and Knowlsey

    • I've found a house that appears to be perfect, at a great price which is making it more attractive. I have subsequently discovered that the title is leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Prescot and Knowlsey. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Prescot and Knowlsey ?

    The majority of houses in Prescot and Knowlsey are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Prescot and Knowlsey in which case you should be shopping around for a Prescot and Knowlsey conveyancing practitioner and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’sconsent to carry out alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your solicitor should appraise you on the various issues.

    I am a negotiator for a reputable estate agent office in Prescot and Knowlsey where we have witnessed a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have received inconsistent advice from local Prescot and Knowlsey conveyancing firms. Could you clarify whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?

    As long as 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. The benefit of this is that the buyer can avoid having 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 before, or simultaneously with completion of the sale.

    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 provide any top tips for leasehold conveyancing in Prescot and Knowlsey from the point of view of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Prescot and Knowlsey can be avoided where you instruct lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the buyers conveyancers.
    • The majority freeholders or Management Companies in Prescot and Knowlsey charge for providing management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management pack 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 common cause of delay in leasehold conveyancing in Prescot and Knowlsey.
  • Some Prescot and Knowlsey leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is 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 resolved before the property is put on the market. The purchasers and their solicitors will be concerned about purchasing a flat where a dispute is unsettled. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to completion of the sale. 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 purchasers, but it is clearly preferable to present the dispute as over rather than ongoing.
  • You may think that you are aware of the number of years remaining on your lease but you should double-check by asking your solicitors. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is under 80 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • All being well we will complete our sale of a £475000 maisonette in Prescot and Knowlsey next Wednesday . The managing agents has quoted £360 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Prescot and Knowlsey?

    Prescot and Knowlsey conveyancing on leasehold flats more often than not involves the purchaser’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to answer such questions the majority will be willing to do so. They are entitled levy a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some cases it is above £800. The management information fee demanded by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration fees, otherwise the charge is technically not due. In reality one has no choice but to pay whatever is requested of you should you wish to complete the sale of your home.

    I inherited a split level flat in Prescot and Knowlsey, conveyancing having been completed 1999. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Prescot and Knowlsey with over 90 years remaining are worth £204,000. The ground rent is £55 yearly. The lease ceases on 21st October 2088

    With only 63 years remaining on your lease the likely cost is going to be between £20,900 and £24,200 as well as professional fees.

    The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Prescot and Knowlsey