Experts for Leasehold Conveyancing in Seaford

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Seaford leasehold conveyancing Example Support Desk Enquiries

Expecting to sign contracts shortly on a studio apartment in Seaford. Conveyancing solicitors inform me that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Seaford should include some of the following:

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Are you allowed to have a pet in the flat?
  • Whether your lease has a provision for a sinking fund?
  • Repair and maintenance of the flat
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be included in your report on your leasehold property in Seaford please ask your solicitor in advance of your conveyancing in Seaford

    • I am attracted to a two flats in Seaford both have about fifty years left on the lease term. Do I need to be concerned?

    There are plenty of short leases in Seaford. The lease is a right to use the premises for a period of time. As the lease shortens the marketability of the lease deteriorate and it becomes more costly to acquire a lease extension. This is why it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this area

    I am a negotiator for a reputable estate agent office in Seaford where we see a number of leasehold sales derailed due to short leases. I have received conflicting advice from local Seaford conveyancing firms. Please can you shed some light as to whether the owner of a flat can start the lease extension formalities for the buyer?

    As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.

    An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

    Can you offer any advice when it comes to finding a Seaford conveyancing practice to deal with our lease extension?

    If you are instructing a conveyancer for your lease extension (regardless if they are a Seaford conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with two or three firms including non Seaford conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:

    • What volume of lease extensions have they carried out in Seaford in the last 12 months?
  • What are the costs for lease extension conveyancing?

    • Can you provide any top tips for leasehold conveyancing in Seaford from the point of view of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Seaford can be reduced where you instruct lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the purchasers’ lawyers.
    • Many landlords or Management Companies in Seaford charge for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Seaford.
  • Some Seaford leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is 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 you have the benefit of shareholding in the Management Company, you should ensure that you are holding the original share document. Arranging a re-issued share certificate can be a time consuming formality and frustrates many a Seaford conveyancing transaction. If a duplicate share certificate is necessary, do contact the company director and secretary or managing agents (if applicable) for this at the earliest opportunity.
  • You believe that you know the number of years remaining on your lease but it would be advisable verify this by asking your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to where the lease term is under 75 years. In the circumstances it is essential at an as soon as possible that you consider 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.

    • I own a 1 bedroom flat in Seaford, conveyancing formalities finalised 2000. How much will my lease extension cost? Comparable flats in Seaford with a long lease are worth £230,000. The average or mid-range amount of ground rent is £55 yearly. The lease finishes on 21st October 2082

    You have 58 years remaining on your lease the likely cost is going to span between £23,800 and £27,400 as well as professional fees.

    The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. Do 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 take any other action based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Seaford