Fixed-fee leasehold conveyancing in Sedgefield:

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Recently asked questions relating to Sedgefield leasehold conveyancing

I am on look out for some leasehold conveyancing in Sedgefield. Before diving in I require certainty as to the unexpired term of the lease.

If the lease is registered - and most are in Sedgefield - 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.

My wife and I purchased a leasehold flat in Sedgefield. Conveyancing and Alliance & Leicester mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Sedgefield who acted for me is not around.What should I do?

First contact HMLR to make sure that this person is indeed the new freeholder. You do not need to incur the fees of a Sedgefield conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am attracted to a couple of apartments in Sedgefield which have approximately fifty years left on the lease term. Will this present a problem?

A lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease gets shorter the marketability of the lease decreases and results in it becoming more expensive to extend the lease. This is why it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this area

Can you provide any top tips for leasehold conveyancing in Sedgefield with the aim of speeding up the sale process?

  • Much of the frustration in leasehold conveyancing in Sedgefield can be bypassed where you instruct lawyers as soon as your agents start advertising the property and ask them to put together the leasehold information which will be required by the purchasers’ representatives.
  • Many landlords or Management Companies in Sedgefield levy fees for providing 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 reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Sedgefield.
  • If you have carried out any alterations to the property would they have required Landlord’s consent? In particular have you laid down wooden flooring? Most leases in Sedgefield state that internal structural alterations or laying down wooden flooring require a licence from the Landlord approving such alterations. Should you fail to have the approvals to hand you should not contact the landlord without contacting your solicitor first.
  • Some Sedgefield leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is 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 service charge figures so that they can pass this information on to the purchasers or their lawyers.
  • You believe that you know the number of years remaining on your lease but you should verify this via your lawyers. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is under 80 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • Completion in due on our sale of a £475000 garden flat in Sedgefield in 10 days. The freeholder has quoted £336 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Sedgefield?

    Sedgefield conveyancing on leasehold apartments usually involves the buyer’s solicitor submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to answer these enquiries most will be content to assist. They are at liberty charge a reasonable administration fee for responding to questions 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 situations it is above £800. The administration charge levied by the landlord must be accompanied by a summary of rights and obligations in relation to administration fees, without which the invoice is technically not due. Reality however dictates that you have little option but to pay whatever is requested of you if you want to exchange contracts with the buyer.

    I acquired a studio flat in Sedgefield, conveyancing having been completed in 2011. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Sedgefield with an extended lease are worth £223,000. The ground rent is £55 yearly. The lease comes to an end on 21st October 2084

    With 59 years left to run we estimate the price of your lease extension to range between £26,600 and £30,800 plus professional fees.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Sedgefield