Fixed-fee leasehold conveyancing in Shoreham By Sea:

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When it comes to leasehold conveyancing in Shoreham By Sea, you will need to chose a conveyancing solicitor with leasehold experience. Whether your mortgage company is to be Clydesdale , Yorkshire Building Society or Bradford & Bingley make sure you find a lawyer on their approved list. Find a Shoreham By Sea conveyancing lawyer with our search tool

Common questions relating to Shoreham By Sea leasehold conveyancing

I am tempted by the attractive purchase price for a couple of maisonettes in Shoreham By Sea which have approximately forty five years unexpired on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Shoreham By Sea. The lease is a right to use the premises for a period of time. As the lease shortens the saleability of the lease decreases and results in it becoming more expensive to acquire a lease extension. This is why it is advisable to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this area

I've recently bought a leasehold property in Shoreham By Sea. Am I liable to pay service charges for periods before my ownership?

In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

What are your top tips when it comes to appointing a Shoreham By Sea conveyancing practice to carry out our lease extension conveyancing?

When appointing a solicitor for your lease extension (regardless if they are a Shoreham By Sea conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Shoreham By Sea conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

  • If the firm is not ALEP accredited then why not?
  • Can they put you in touch with client in Shoreham By Sea who can give a testimonial?

    • Can you provide any top tips for leasehold conveyancing in Shoreham By Sea with the purpose of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Shoreham By Sea can be bypassed where you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the purchasers’ representatives.
    • In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Shoreham By Sea leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence issued by the Landlord consenting to such works. If you fail to have the approvals to hand you should not communicate with the landlord without contacting your conveyancer first.
  • A minority of Shoreham By Sea leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents 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 solicitors.
  • If you are supposed to have a share in the freehold, you should ensure that you have the original share document. Arranging a re-issued share certificate is often a lengthy formality and delays many a Shoreham By Sea conveyancing deal. Where a reissued share certificate is necessary, you should approach the company officers or managing agents (if applicable) for this as soon as possible.
  • You believe that you know the number of years remaining on your lease but it would be wise to verify this via your conveyancers. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the lease term is below 80 years. It is therefore important at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • In relation to leasehold conveyancing in Shoreham By Sea what are the most common lease problems?

    There is nothing unique about leasehold conveyancing in Shoreham By Sea. Most leases are unique and legal mistakes in the legal wording can result in certain clauses are missing. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the premises
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Bank of Scotland, and Clydesdale all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the buyer to pull out.

    I invested in buying a basement flat in Shoreham By Sea, conveyancing having been completed in 2008. How much will my lease extension cost? Similar properties in Shoreham By Sea with an extended lease are worth £246,000. The ground rent is £65 charged once a year. The lease ceases on 21st October 2091

    You have 66 years unexpired we estimate the price of your lease extension to span between £12,400 and £14,200 as well as costs.

    The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. 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. You should not take any other action based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Shoreham By Sea