Fixed-fee leasehold conveyancing in Sandy:

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Top Five Questions relating to Sandy leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Sandy. Before I get started I would like to find out the unexpired term of the lease.

If the lease is registered - and almost all are in Sandy - 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 wish to rent out my leasehold apartment in Sandy. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

The lease dictates relations between the freeholder and you the leaseholder; specifically, it will say if subletting is prohibited, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Sandy do not contain strict prohibition on subletting – such a provision would undoubtedly devalue the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.

Back In 2008, I bought a leasehold flat in Sandy. Conveyancing and Barclays Direct mortgage are in place. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Sandy who previously acted has long since retired.Any advice?

The first thing you should do is contact the Land Registry to make sure that the individual claiming to own the freehold is in fact the new freeholder. You do not need to incur the fees of a Sandy conveyancing firm to do this as it can be done on-line for a few pound. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

Do you have any advice for leasehold conveyancing in Sandy from the point of view of saving time on the sale process?

  • Much of the delay in leasehold conveyancing in Sandy can be reduced if you instruct lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold information needed by the buyers solicitors.
  • In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Sandy state that internal structural changes or laying down wooden flooring calls for a licence from the Landlord consenting to such changes. Where you fail to have the approvals to hand do not contact the landlord without checking with your lawyer first.
  • Some Sandy leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet 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 service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If you have had any disputes with your freeholder or managing agents it is very important that these are settled prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a property where a dispute is ongoing. You may have to bite the bullet and pay any arrears of service charge or settle 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 will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over as opposed to unsettled.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this via your conveyancers. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the lease term is under 75 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 property on the market for sale.

    • When it comes to leasehold conveyancing in Sandy what are the most common lease problems?

    There is nothing unique about leasehold conveyancing in Sandy. All leases is drafted differently and drafting errors can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations 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.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Skipton Building Society, and Aldermore all have express conveyancing instructions 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 buyer to pull out.

    I inherited a ground floor flat in Sandy, conveyancing formalities finalised 1997. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Sandy with over 90 years remaining are worth £245,000. The average or mid-range amount of ground rent is £55 levied per year. The lease expires on 21st October 2096

    You have 70 years left to run we estimate the premium for your lease extension to range between £9,500 and £11,000 as well as legals.

    The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Sandy