Guaranteed fixed fees for Leasehold Conveyancing in Ripley

Get a Quote

Require a conveyancing quote from a solicitor for leasehold conveyancing in Ripley on your lender’s panel? Use our search tool to find leading local Ripley conveyancing practitioners or national solicitors on your lender’s panel .

Examples of recent questions relating to leasehold conveyancing in Ripley

Back In 2002, I bought a leasehold house in Ripley. Conveyancing and Barclays mortgage are in place. I have received a letter from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Ripley who acted for me is not around.Any advice?

First make enquiries of HMLR to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. There is no need to instruct a Ripley conveyancing practitioner to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am looking at a two flats in Ripley both have about fifty years remaining on the lease term. Will this present a problem?

A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the value of the lease decreases and results in it becoming more expensive to extend the lease. For this reason it is often a good idea to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this area

Do you have any top tips for leasehold conveyancing in Ripley from the perspective of expediting the sale process?

  • Much of the delay in leasehold conveyancing in Ripley can be avoided where you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ lawyers.
  • The majority freeholders or managing agents in Ripley charge for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management information sought 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 Ripley.
  • Some Ripley leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly 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 purchasers or their lawyers.
  • If there is a history of 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 reluctant to purchase a flat where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve 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 are still duty bound to disclose particulars of the dispute to the buyers, but it is better to present the dispute as historic as opposed to ongoing.
  • You may think that you are aware of the number of years left on your lease but you should double-check via your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to to exchange contracts if the lease term is under 80 years. It is therefore important at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £275000 maisonette in Ripley in just under a week. The freeholder has quoted £312 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Ripley?

    Ripley conveyancing on leasehold flats more often than not necessitates the purchaser’s solicitor submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to these enquiries the majority will be willing to assist. They may invoice a reasonable administration fee 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 transactions it is in excess of £800. The management information fee required by the landlord must be accompanied by a summary of rights and obligations in relation to administration fees, otherwise the charge is technically not due. Reality however dictates that one has little choice but to pay whatever is demanded should you wish to complete the sale of your home.

    What makes a Ripley lease defective?

    Leasehold conveyancing in Ripley is not unique. Most leases is drafted differently and drafting errors can result in certain sections are not included. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the building
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Santander, The Mortgage Works, and Bank of Ireland all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the purchaser to withdraw.

    I acquired a 1st floor flat in Ripley, conveyancing having been completed 2009. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Ripley with an extended lease are worth £199,000. The average or mid-range amount of ground rent is £60 per annum. The lease ceases on 21st October 2091

    With 67 years remaining on your lease the likely cost is going to be between £12,400 and £14,200 as well as legals.

    The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Ripley