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Sandiacre leasehold conveyancing: Q and A’s

I am in need of some leasehold conveyancing in Sandiacre. Before diving in I would like to find out the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and 99.9% are in Sandiacre - 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 hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable price which is making it more attractive. I have just discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Sandiacre. Conveyancing lawyers have not yet been appointed. Will they explain the issues?

Most houses in Sandiacre are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Sandiacre so you should seriously consider looking for a Sandiacre conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’spermission to conduct alterations. It may be necessary to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your solicitor should report to you on the legal implications.

I am tempted by the attractive purchase price for a couple of apartments in Sandiacre which have in the region of fifty years unexpired on the leases. Will this present a problem?

There are no two ways about it. A leasehold apartment in Sandiacre is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the salability of the property. For most buyers and mortgage companies, leases with less than 75 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 Sandiacre 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 any new 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 advice can you give us when it comes to appointing a Sandiacre conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a solicitor for your lease extension (regardless if they are a Sandiacre conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Sandiacre conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:

  • How familiar is the firm with lease extension legislation?
  • What are the charges for lease extension conveyancing?

    • Can you provide any advice for leasehold conveyancing in Sandiacre with the intention of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Sandiacre can be avoided if you appoint lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold information which will be required by the buyers conveyancers.
    • Many freeholders or managing agents in Sandiacre levy fees for supplying 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 as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Sandiacre.
  • If there is a history of any disputes with your freeholder or managing agents it is essential that these are settled before the property is marketed. The buyers and their solicitors will be concerned about purchasing a flat where there is a current dispute. 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 will still have to reveal particulars of the dispute to the purchasers, but it is better to reveal the dispute as historic rather than ongoing.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you hold the original share certificate. Obtaining a replacement share certificate can be a lengthy process and slows down many a Sandiacre home move. If a new share certificate is needed, you should approach the company officers or managing agents (where applicable) for this as soon as possible.
  • You may think that you are aware of the number of years left on your lease but you should verify this by asking your solicitors. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the remaining number of years is under 75 years. It is therefore important 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 property on the market for sale.

    • I inherited a basement flat in Sandiacre, conveyancing formalities finalised 2006. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Sandiacre with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease ceases on 21st October 2100

    With only 76 years left to run we estimate the premium for your lease extension to range between £11,400 and £13,200 plus plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Sandiacre