Fixed-fee leasehold conveyancing in Shildon:

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

Sample questions relating to Shildon leasehold conveyancing

I wish to rent out my leasehold flat in Shildon. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

Even though your previous Shildon conveyancing solicitor is no longer around you can check your lease to see if it allows you to sublet the premises. The accepted inference is that if the lease is silent, subletting is permitted. Quite often there is a prerequisite that you need to obtain permission via your landlord or other appropriate person in advance of subletting. The net result is that you cannot sublet without first obtaining permission. The consent should not be unreasonably turned down. If your lease prohibits you from subletting the property you should ask your landlord for their consent.

Having checked my lease I have discovered that there are only Fifty years left on my lease in Shildon. I now wish to get lease extension but my freeholder is can not be found. What are my options?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. However, you will be required to demonstrate that you have used your best endeavours to track down the landlord. For most situations a specialist may be useful to conduct investigations and to produce a report which can be used as proof that the landlord is indeed missing. It is wise to seek advice from a property lawyer in relation to proving the landlord’s disappearance and the vesting order request to the County Court covering Shildon.

I am looking at a two maisonettes in Shildon which have in the region of fifty years remaining on the leases. should I be concerned?

There is no doubt about it. A leasehold flat in Shildon 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 marketability of the property. The majority of purchasers and banks, leases with less than eighty 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 a residence 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 Shildon conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

Can you offer any advice when it comes to appointing a Shildon conveyancing firm to deal with our lease extension?

When appointing a property lawyer for your lease extension (regardless if they are a Shildon conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with several firms including non Shildon conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:

  • How experienced is the firm with lease extension legislation?
  • If the firm is not ALEP accredited then why not?

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

    • Much of the frustration in leasehold conveyancing in Shildon can be bypassed where you get in touch lawyers the minute your agents start advertising the property and ask them to put together the leasehold documentation which will be required by the purchasers’ representatives.
    • Many landlords or Management Companies in Shildon levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Shildon.
  • If you have had conflict with your landlord or managing agents it is very important that these are settled before the property is put on the market. The purchasers and their solicitors will be concerned about purchasing a flat where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to 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 unresolved.
  • If you have the benefit of shareholding in the freehold, you should make sure that you have the original share certificate. Obtaining a new share certificate can be a time consuming formality and slows down many a Shildon conveyancing transaction. Where a reissued share is needed, you should approach the company director and secretary or managing agents (if 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 by asking your solicitors. A purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is under 75 years. It is therefore important at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

  • I invested in buying a garden flat in Shildon, conveyancing formalities finalised 5 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Shildon with over 90 years remaining are worth £250,000. The ground rent is £50 yearly. The lease ends on 21st October 2080

    With only 56 years remaining on your lease we estimate the premium for your lease extension to range between £30,400 and £35,200 as well as legals.

    The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Shildon