Recently asked questions relating to Rayleigh leasehold conveyancing
I am hoping to exchange soon on a garden flat in Rayleigh. Conveyancing lawyers have said that they report fully tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Rayleigh should include some of the following:
- You should receive a copy of the lease
I've found a house that appears to tick a lot of boxes, at a great price which is making it all the more appealing. I have just been informed that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Rayleigh. Conveyancing advisers have are soon to be instructed. Will they explain the issues?
Most houses in Rayleigh are freehold and not 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 clear that you are purchasing in Rayleigh in which case you should be shopping around for a Rayleigh conveyancing practitioner and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your lawyer should report to you on the legal implications.
I work for a long established estate agent office in Rayleigh where we have witnessed a number of flat sales jeopardised as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Rayleigh conveyancing solicitors. Could you clarify whether the seller of a flat can commence 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 need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is 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 buyer.
What advice can you give us when it comes to choosing a Rayleigh conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a Rayleigh conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Rayleigh conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- What volume of lease extensions has the firm completed in Rayleigh in the last twenty four months?
Can you provide any top tips for leasehold conveyancing in Rayleigh from the point of view of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Rayleigh can be avoided if you appoint lawyers as soon as you market your property and ask them to collate the leasehold documentation which will be required by the purchasers’ solicitors.
- The majority freeholders or Management Companies in Rayleigh charge for providing management packs for a leasehold premises. 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 reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Rayleigh.
I inherited a 1 bedroom flat in Rayleigh, conveyancing was carried out 1995. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Rayleigh with a long lease are worth £184,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease finishes on 21st October 2080
With only 60 years remaining on your lease we estimate the price of your lease extension to be between £23,800 and £27,400 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.