Fixed-fee leasehold conveyancing in Silverdale:

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Common questions relating to Silverdale leasehold conveyancing

I am in need of some leasehold conveyancing in Silverdale. Before I get started I want to be sure as to the remaining lease term.

Assuming the lease is recorded at the land registry - and most are in Silverdale - then the leasehold title will always include the basic details 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 today plan to offer on a house that appears to meet my requirements, at a great price which is making it all the more appealing. I have since been informed that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Silverdale. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Silverdale ?

Most houses in Silverdale are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Silverdale so you should seriously consider looking for a Silverdale conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’sconsent to carry out alterations. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is part of an estate. Your lawyer will report to you on the legal implications.

I am a negotiator for a busy estate agency in Silverdale where we have witnessed a number of flat sales derailed due to short leases. I have been given contradictory information from local Silverdale conveyancing solicitors. Can you shed some light as to whether the owner of a flat can commence the lease extension formalities 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.

What advice can you give us when it comes to appointing a Silverdale conveyancing firm to deal with our lease extension?

If you are instructing a solicitor for your lease extension (regardless if they are a Silverdale conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Silverdale conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:

  • How experienced is the practice with lease extension legislation?
  • Can they put you in touch with client in Silverdale who can give a testimonial?

    • Do you have any advice for leasehold conveyancing in Silverdale with the purpose of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Silverdale can be avoided where you get in touch lawyers as soon as you market your property and ask them to collate the leasehold documentation needed by the buyers conveyancers.
    • The majority freeholders or managing agents in Silverdale levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management information 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 usual cause of delay in leasehold conveyancing in Silverdale.
  • If you have carried out any alterations to the residence would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Silverdale leases often stipulate that internal structural changes or laying down wooden flooring necessitate a licence from the Landlord approving such changes. If you fail to have the paperwork to hand you should not contact the landlord without checking with your lawyer in the first instance.
  • Some Silverdale 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 obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is 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 you are supposed to have a share in the Management Company, you should make sure that you are holding the original share document. Obtaining a duplicate share certificate is often a time consuming formality and slows down many a Silverdale home move. If a duplicate share is necessary, do contact the company officers or managing agents (where applicable) for this sooner rather than later.

    • Silverdale Leasehold Conveyancing - Examples of Questions you should ask before Purchasing

      You should want to find out as much as you can about the managing agents as they can either make your living at the property much simpler or much more difficult. As the owner of a leasehold property you are often at the mercy of the managing agents from a financial perspective and when it comes to practical matters such as the tidiness of the common parts. Ask other people what they think of them. In conclusion, be sure you know the dates that the maintenance charges are due to the managing agents and precisely what you get for your money. The answer will be important as a) areas could result in problems in the block as the communal areas may start to deteriorate if repairs are not paid for b) if the leaseholders have a dispute with the running of the building you will wish to have all the details Are there any major works anticipated that could increase the maintenance costs?

    Other Topics

    Lease Extensions in Silverdale