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Seaham leasehold conveyancing: Q and A’s

Having had my offer accepted I require leasehold conveyancing in Seaham. Before I get started I want to be sure as to the number of years remaining on the lease.

Assuming the lease is registered - and almost all are in Seaham - 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 only have 68 years unexpired on my flat in Seaham. I now want to extend my lease but my freeholder is missing. What should I do?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. However, you will be required to demonstrate that you or your lawyers have made all reasonable attempts to track down the lessor. In some cases a specialist should be helpful to try and locate and prepare a report which can be used as proof that the landlord is indeed missing. It is wise to seek advice from a solicitor both on proving the landlord’s absence and the vesting order request to the County Court overseeing Seaham.

I am looking at a couple of maisonettes in Seaham which have approximately fifty years remaining on the lease term. Will this present a problem?

A lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease gets shorter the value of the lease decreases and results in it becoming more expensive to acquire a lease extension. For this reason it is generally wise to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this field

Can you provide any top tips for leasehold conveyancing in Seaham with the intention of saving time on the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Seaham can be avoided if you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the purchasers’ solicitors.
  • The majority landlords or managing agents in Seaham levy fees for supplying management packs for a leasehold premises. 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 obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Seaham.
  • If you have carried out any alterations to the residence would they have required Landlord’s permission? In particular have you installed wooden flooring? Most leases in Seaham state that internal structural alterations or laying down wooden flooring calls for a licence issued by the Landlord approving such changes. Should you dont have the approvals in place you should not communicate with the landlord without checking with your conveyancer first.
  • Some Seaham leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The 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 buyers or their lawyers.
  • If you have had any disputes with your landlord or managing agents it is essential that these are settled prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may need to swallow your pride and discharge 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 ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is better to reveal the dispute as over as opposed to unresolved.

    • All being well we will complete our sale of a £175000 maisonette in Seaham next Wednesday . The managing agents has quoted £396 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Seaham?

    Seaham conveyancing on leasehold apartments usually necessitates the buyer’s conveyancer sending questions for the landlord to address. Although the landlord is under no legal obligation to address these enquiries most will be content to assist. They are entitled charge a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some cases it exceeds £800. The administration charge required by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration charges, without which the charge is technically not due. Reality however dictates that you have little choice but to pay whatever is requested of you should you wish to complete the sale of your home.

    Seaham Conveyancing for Leasehold Flats - Sample of Queries before buying

      Is the freehold reversion owned collectively by the leaseholders? Who is in charge of the building? The best form of lease structure is where the freehold interest is in the ownership of the leaseholders. In this arrangement the lessees enjoy being in charge if their destiny and although a managing agent is frequently retained where it is larger than a house conversion, the managing agent retained by the leaseholders.

    Other Topics

    Lease Extensions in Seaham