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

Any conveyancing solicitor can theoretically handle your leasehold conveyancing in Shefford, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Frequently asked questions relating to Shefford leasehold conveyancing

I am in need of some leasehold conveyancing in Shefford. Before I get started I want to be sure as to the remaining lease term.

If the lease is registered - and 99.9% are in Shefford - 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.

There are only Fifty years remaining on my flat in Shefford. I now wish to extend my lease but my freeholder is can not be found. What are my options?

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 enable the lease to be extended by the magistrate. However, you will be required to prove that you or your lawyers have used your best endeavours to locate the landlord. On the whole an enquiry agent should be useful to conduct investigations and to produce an expert document to be accepted by the court as evidence that the landlord is indeed missing. It is advisable to get professional help from a property lawyer in relation to investigating the landlord’s absence and the vesting order request to the County Court overseeing Shefford.

I have just started marketing my basement flat in Shefford.Conveyancing is yet to be initiated but I have just had a yearly service charge invoice – Do I pay up?

It best that you clear the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

I am looking at a two apartments in Shefford which have about fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?

A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the value of the lease deteriorate and results in it becoming more costly to extend the lease. For this reason it is advisable to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this area

Can you provide any advice for leasehold conveyancing in Shefford from the point of view of saving time on the sale process?

  • Much of the delay in leasehold conveyancing in Shefford can be reduced where you instruct 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’ conveyancers.
  • The majority landlords or Management Companies in Shefford levy fees for providing management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Shefford.
  • If there is a history of conflict with your freeholder or managing agents it is very important that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be concerned about purchasing a property where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. 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 particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as historic as opposed to ongoing.
  • If you are supposed to have a share in the Management Company, you should make sure that you hold the original share document. Organising a re-issued share certificate is often a lengthy process and slows down many a Shefford conveyancing deal. Where a duplicate share certificate is necessary, do contact the company director and secretary or managing agents (where applicable) for this as soon as possible.
  • You may think that you are aware of the number of years left on your lease but it would be wise to verify this via your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is under 80 years. In the circumstances it is essential at an early stage 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.

  • Shefford Leasehold Conveyancing - A selection of Queries before buying

      How much is the ground rent and service charge? For many Shefford leaseholds the outlay for major works tend not to be included within maintenance charges, although there some managing agents in Shefford require leasehold owners to pay into a reserve fund created for the specific purpose of building a fund for larger repairs or maintenance. You should be aware if it is fewer than 80 years it will impact the value of the flat. Check with your lender that they are content with the length of the lease. Leases with less than 80 years remaining means that you will probably have to extend the lease sooner rather than later and it is worth finding out how much this would cost. Remember, in most cases you will be required to have been the owner of the residence for 24 months in order to be entitled to extend the lease.

    Other Topics

    Lease Extensions in Shefford