Experts for Leasehold Conveyancing in Shenley

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Recently asked questions relating to Shenley leasehold conveyancing

Due to complete next month on a studio apartment in Shenley. Conveyancing lawyers assured me that they report fully within the next couple of days. What should I be looking out for?

Your report on title for your leasehold conveyancing in Shenley should include some of the following:

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • The total extent of the property. This will be the apartment itself but may include a loft or cellar if applicable.
  • Are pets allowed in the flat?
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • Repair and maintenance of the flat
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be contained in your report on your leasehold property in Shenley please ask your solicitor in advance of your conveyancing in Shenley

    • Back In 2008, I bought a leasehold flat in Shenley. Conveyancing and Bank of Scotland mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Shenley who acted for me is not around.Do I pay?

    The first thing you should do is contact HMLR to make sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to instruct a Shenley conveyancing practitioner to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

    I work for a reputable estate agency in Shenley where we have experienced a number of leasehold sales jeopardised as a result of short leases. I have been given conflicting advice from local Shenley conveyancing solicitors. Please can you confirm whether the vendor of a flat can commence 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 start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 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 at the same time as 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 buyer.

    Do you have any top tips for leasehold conveyancing in Shenley with the purpose of saving time on the sale process?

    • Much of the frustration in leasehold conveyancing in Shenley can be bypassed where you instruct lawyers the minute you market your property and ask them to put together the leasehold information needed by the purchasers’ conveyancers.
    • Many landlords or Management Companies in Shenley charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Shenley.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Shenley leases often stipulate that internal structural changes or installing wooden flooring calls for a licence from the Landlord consenting to such changes. Should you dont have the approvals to hand do not contact the landlord without checking with your solicitor before hand.
  • A minority of Shenley leases require Licence to Assign from the landlord. 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. Any bank reference will need to confirm that the buyers are able to meet 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 service charge figures so that they can pass this information on to the purchasers or their solicitors.
  • If you are supposed to have a share in the freehold, you should ensure that you are holding the original share certificate. Obtaining a new share certificate is often a lengthy formality and slows down many a Shenley conveyancing transaction. If a new share certificate is necessary, do contact the company officers or managing agents (if relevant) for this sooner rather than later.

    • I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a Shenley conveyancing firm to represent me?

    Most certainly. We are happy to put you in touch with a Shenley conveyancing firm who can help.

    An example of a Lease Extension matter before the tribunal for a Shenley residence is Ground Floor Maisonette 17 Milton Road in January 2014. The Tribunal determined the premium payable by the Applicant to the should be £13,299 This case related to 1 flat. The unexpired term was 71.73 years.

    What makes a Shenley lease defective?

    Leasehold conveyancing in Shenley is not unique. All leases is drafted differently and legal mistakes in the legal wording can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain parts of the building
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Coventry Building Society, and Barclays Direct all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to pull out.

    Other Topics

    Lease Extensions in Shenley