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Questions and Answers: Roade leasehold conveyancing

I am on look out for some leasehold conveyancing in Roade. Before diving in I want to be sure as to the remaining lease term.

Assuming the lease is registered - and most are in Roade - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I am looking at a couple of flats in Roade both have in the region of fifty years unexpired on the leases. should I be concerned?

There is no doubt about it. A leasehold apartment in Roade is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the value of the property. For most purchasers and lenders, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Roade conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

What are your top tips when it comes to appointing a Roade conveyancing practice to carry out our lease extension conveyancing?

When appointing a solicitor for your lease extension (regardless if they are a Roade conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Roade conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:

  • How familiar is the practice with lease extension legislation?
  • Can they put you in touch with client in Roade who can give a testimonial?

    • Do you have any advice for leasehold conveyancing in Roade with the aim of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Roade can be bypassed where you get in touch lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation needed by the buyers conveyancers.
    • The majority landlords or managing agents in Roade charge for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Roade.
  • A minority of Roade leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents 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 purchasers or their solicitors.
  • If there is a history of any disputes with your freeholder or managing agents it is essential that these are resolved prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a flat where a dispute is ongoing. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, 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 left on your lease but you should double-check via your lawyers. A purchaser's conveyancer will not be happy to advise their client to where the remaining number of years is under 75 years. It is therefore important at an early stage 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.

    • What makes a Roade lease problematic?

    Leasehold conveyancing in Roade is not unique. Most leases are individual and drafting errors can result in certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain elements of the premises
    • A duty to insure the building
    • 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 problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Coventry Building Society, and Clydesdale all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to withdraw.

    I bought a 2 bed flat in Roade, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Roade with over 90 years remaining are worth £237,000. The ground rent is £45 invoiced annually. The lease expires on 21st October 2076

    You have 51 years remaining on your lease we estimate the price of your lease extension to range between £39,000 and £45,000 as well as costs.

    The figure above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Roade