Examples of recent questions relating to leasehold conveyancing in Shenfield
I am in need of some leasehold conveyancing in Shenfield. Before diving in I want to be sure as to the number of years remaining on the lease.
Assuming the lease is registered - and 99.9% are in Shenfield - 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 would like to sublet my leasehold flat in Shenfield. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Some leases for properties in Shenfield do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse 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 looking at a couple of apartments in Shenfield which have about forty five years remaining on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Shenfield is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the value of the premises. The majority of buyers and lenders, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Shenfield conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I am employed by a busy estate agent office in Shenfield where we have witnessed a number of flat sales derailed due to short leases. I have received inconsistent advice from local Shenfield conveyancing firms. Can you confirm whether the vendor of a flat can start the lease extension process for the buyer?
Provided that 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. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
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 purchaser.
What are your top tips when it comes to choosing a Shenfield conveyancing firm to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Shenfield conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Shenfield conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- How experienced is the practice with lease extension legislation?
Shenfield Leasehold Conveyancing - A selection of Questions you should consider Prior to Purchasing
How many of the leaseholders are in arrears for their service charge payments?
Its a good idea to find out as much as possible regarding the company managing the building as they will either make your life much easier or much more difficult. Being a leasehold owner you are often in the clutches of the managing agents both financially and when it comes to practical matters such as the tidiness of the common parts. Ask prospective neighbours if they are happy with their management. Finally, investigate as to the dates that you are obliged pay the maintenance charge to the managing agents and specifically what you get for your money.
How long is the Lease?