Experts for Leasehold Conveyancing in Rye

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Questions and Answers: Rye leasehold conveyancing

Back In 2002, I bought a leasehold house in Rye. Conveyancing and Norwich and Peterborough Building Society mortgage are in place. I have received a letter from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1995. The conveyancing solicitor in Rye who acted for me is not around.Do I pay?

First contact the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Rye conveyancing lawyer to do this as you can do this on the Land Registry website for £3. You should note that in any event, 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 maisonettes in Rye both have approximately fifty years left on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Rye. The lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the saleability of the lease reduces and it becomes more costly to extend the lease. This is why it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this area

I've recently bought a leasehold flat in Rye. Am I liable to pay service charges for periods before completion of my purchase?

In a situation where the service charge has already been demanded from the previous owner 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. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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).

What advice can you give us when it comes to choosing a Rye conveyancing firm to deal with our lease extension?

When appointing a solicitor for your lease extension (regardless if they are a Rye conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with several firms including non Rye conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:

  • How experienced is the practice with lease extension legislation?
  • If the firm is not ALEP accredited then why not?

    • Can you provide any top tips for leasehold conveyancing in Rye with the aim of expediting the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Rye can be reduced if you get in touch lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold documentation needed by the purchasers’ lawyers.
    • Some Rye leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet 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 solicitors.
  • If there is a history of any disputes with your landlord or managing agents it is very important that these are resolved before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is an ongoing 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 prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to reveal the dispute as historic as opposed to unresolved.
  • If you hold a share in a the freehold, you should ensure that you have the original share certificate. Obtaining a duplicate share certificate is often a time consuming formality and slows down many a Rye home move. Where a duplicate share certificate is needed, you should approach the company director and secretary or managing agents (if relevant) for this sooner rather than later.
  • You may think that you are aware of the number of years left on your lease but it would be wise to verify this by asking your solicitors. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is below 80 years. In the circumstances it is important at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • I purchased a studio flat in Rye, conveyancing having been completed in 2011. Can you work out an approximate cost of a lease extension? Comparable properties in Rye with over 90 years remaining are worth £189,000. The ground rent is £45 charged once a year. The lease comes to an end on 21st October 2090

    With just 66 years unexpired the likely cost is going to range between £12,400 and £14,200 as well as costs.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Rye