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

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Top Five Questions relating to Shillington leasehold conveyancing

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

Some leases for properties in Shillington do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to see references. Experience suggests 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 permission.

I today plan to offer on a house that seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have since been informed that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Shillington. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Shillington ?

The majority of houses in Shillington are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are buying in Shillington so you should seriously consider shopping around for a Shillington conveyancing practitioner and be sure that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’spermission to carry out changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your lawyer will report to you on the legal implications.

I am attracted to a couple of maisonettes in Shillington both have about fifty years unexpired on the leases. Do I need to be concerned?

A lease is a right to use the property for a period of time. As a lease shortens the value of the lease reduces and results in it becoming more expensive to acquire a lease extension. This is why it is advisable to extend the lease term. It is often difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this field

Can you provide any advice for leasehold conveyancing in Shillington with the purpose of expediting the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Shillington can be bypassed if you instruct lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation needed by the buyers lawyers.
  • If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you installed wooden flooring? Most leases in Shillington state that internal structural alterations or laying down wooden flooring necessitate a licence issued by the Landlord consenting to such works. If you dont have the paperwork to hand do not communicate with the landlord without checking with your conveyancer in the first instance.
  • Some Shillington leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any 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 service charge figures so that they can pass this information on to the purchasers or their lawyers.
  • 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 marketed. The purchasers and their solicitors will be warry about purchasing a property where a dispute is unsettled. You may have to bite the bullet 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 prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over as opposed to unsettled.
  • If you hold a share in a the Management Company, you should ensure that you are holding the original share document. Arranging a replacement share certificate can be a lengthy formality and slows down many a Shillington home move. If a reissued share is required, you should approach the company officers or managing agents (if applicable) for this as soon as possible.

    • If all goes to plan we aim to complete the disposal of our £325000 maisonette in Shillington next week. The landlords agents has quoted £312 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Shillington?

    Shillington conveyancing on leasehold flats more often than not requires the buyer’s solicitor sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to address such questions the majority will be content to assist. They are at liberty invoice a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some situations it is above £800. The administration charge levied by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration charges, otherwise the invoice is not strictly payable. In reality you have no choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.

    I invested in buying a ground floor flat in Shillington, conveyancing was carried out 4 years ago. How much will my lease extension cost? Comparable flats in Shillington with a long lease are worth £228,000. The ground rent is £60 invoiced annually. The lease finishes on 21st October 2076

    With just 50 years left to run the likely cost is going to be between £38,000 and £44,000 plus professional fees.

    The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Shillington