Fixed-fee leasehold conveyancing in Shefford:

Leasehold conveyancing in Shefford 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 Shefford and next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Recently asked questions relating to Shefford leasehold conveyancing

I am in need of some leasehold conveyancing in Shefford. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.

If the lease is registered - and almost all 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.

I am hoping to put an offer on a small detached house that seems to be perfect, at a great figure which is making it more attractive. I have just found out that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Shefford. Conveyancing advisers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Shefford ?

Most houses in Shefford are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Shefford in which case you should be shopping around for a Shefford conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’spermission to carry out alterations. You may also be required to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your conveyancer should appraise you on the various issues.

I am looking at a couple of apartments in Shefford both have approximately 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Shefford. The lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the marketability of the lease reduces and results in it becoming more costly to acquire a lease extension. 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 companies may be unwilling to lend money on such properties. Lease extension can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this arena

I am employed by a reputable estate agent office in Shefford where we have witnessed a few flat sales put at risk due to leases having less than 80 years remaining. I have been given inconsistent advice from local Shefford conveyancing solicitors. Please can you clarify whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?

As long as the seller has owned the lease 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 buyer can avoid having to wait 2 years for a lease extension. 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 extend the lease informally by agreement with the landlord 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 purchaser.

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

  • A significant proportion of the delay in leasehold conveyancing in Shefford can be reduced where you get in touch lawyers as soon as you market your property and ask them to collate the leasehold documentation needed by the purchasers’ conveyancers.
  • Many freeholders or Management Companies in Shefford levy fees for supplying management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management pack sought 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 cause of frustration in leasehold conveyancing in Shefford.
  • A minority of Shefford leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are 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 lawyers.
  • If there is a history of any disputes with your landlord 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 reluctant to purchase a flat where there is a current dispute. You may have to bite the bullet and discharge any arrears of service charge or settle 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 present the dispute as over as opposed to unsettled.
  • If you have the benefit of shareholding in the Management Company, you should ensure that you have the original share certificate. Organising a re-issued share certificate is often a time consuming formality and slows down many a Shefford conveyancing deal. If a new share certificate is needed, do contact the company director and secretary or managing agents (if relevant) for this sooner rather than later.

  • Leasehold Conveyancing in Shefford - A selection of Questions you should ask Prior to buying

      This question is useful as a) areas may cause problems for the block as the common areas may begin to deteriorate if services are not paid for b) if the leaseholders have an issue with the managing agents you will need to have all the details On the whole the outlay for major works tend not to be included within maintenance charges, although a few managing agents in Shefford require tenants to pay into a reserve fund and this is used to offset against larger works. Make sure you discover if the the lease contains any unreasonable restrictions in the lease. For example it is fairly common in Shefford leases that pets are not allowed in certain buildings in Shefford. If you like the flatin Shefford however your dog is not allowed to live with you then you will be presented with a hard decision.

    Other Topics

    Lease Extensions in Shefford