Leasehold Conveyancing in Seaham - Get a Quote from the leasehold experts approved by your lender

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Leasehold conveyancing in Seaham is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Seaham and across next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Top Five Questions relating to Seaham leasehold conveyancing

I am on look out for some leasehold conveyancing in Seaham. Before I get started I require certainty as to the number of years remaining on the lease.

If the lease is recorded at the land registry - and most are in Seaham - then the leasehold title will always include the basic details 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 flat in Seaham. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

A small minority of properties in Seaham do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.

I am employed by a busy estate agent office in Seaham where we see a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have been given contradictory information from local Seaham conveyancing solicitors. Please can you clarify whether the seller of a flat can initiate the lease extension process for the purchaser on completion of the sale?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.

Alternatively, it may be possible 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.

Do you have any top tips for leasehold conveyancing in Seaham with the aim of expediting the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Seaham can be reduced where you instruct lawyers the minute your agents start marketing the property and ask them to collate the leasehold documentation which will be required by the purchasers’ solicitors.
  • A minority of Seaham leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents 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 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 warry about purchasing a property where a dispute is unresolved. You will have to accept that you will have to 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 prior to 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 rather than ongoing.
  • If you have the benefit of shareholding in the Management Company, you should ensure that you are holding the original share certificate. Organising a duplicate share certificate can be a time consuming process and slows down many a Seaham home move. If a duplicate share is required, do contact the company officers or managing agents (if applicable) 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 advisable double-check via your solicitors. A purchaser's conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is below 80 years. In the circumstances it is essential at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • Completion in due on the disposal of our £450000 maisonette in Seaham in just under a week. The management company has quoted £396 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Seaham?

    Seaham conveyancing on leasehold maisonettes normally involves the purchaser’s lawyer submitting questions for the landlord to address. Although the landlord is not legally bound to address these enquiries the majority will be willing to do so. They are at liberty levy a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some transactions it is in excess of £800. The management information fee levied by the landlord must be accompanied by a summary of rights and obligations in respect of administration fees, otherwise the charge is technically not due. In reality one has little option but to pay whatever is demanded if you want to exchange contracts with the buyer.

    Seaham Leasehold Conveyancing - Examples of Questions you should consider before Purchasing

      How many of the leaseholders are in arrears for their maintenance charge payments? What is the name of the managing agents? It would be wise to discover as much as possible about the managing agents as they will impact your use and enjoyment of the property. As the owner of a leasehold property you are often at the mercy of the managing agents both financially and when it comes to daily matters such as the tidiness of the common parts. Enquire of prospective neighbours what they think of their service. On a final note, find out the dates that you are obliged pay the service charge to the appropriate party and specifically what you get for your money.

    Other Topics

    Lease Extensions in Seaham