Guaranteed fixed fees for Leasehold Conveyancing in Silverton

When it comes to leasehold conveyancing in Silverton, you will need to instruct a conveyancing lawyer with leasehold experience. Whether your mortgage company is to be Halifax, Birmingham Midshires or Nationwide make sure you find a lawyer on their approved list. Find a Silverton conveyancing lawyer with our search tool

Silverton leasehold conveyancing: Q and A’s

I am tempted by the attractive purchase price for a two apartments in Silverton which have approximately fifty years unexpired on the leases. should I be concerned?

There are plenty of short leases in Silverton. The lease is a legal document that entitles you to use the premises 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. For this reason it is generally wise to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this area

Last month I purchased a leasehold flat in Silverton. Am I liable to pay service charges for periods before completion of my purchase?

In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure 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).

I am a negotiator for a busy estate agent office in Silverton where we have experienced a number of leasehold sales put at risk as a result of short leases. I have received inconsistent advice from local Silverton conveyancing solicitors. Can you shed some light as to whether the seller of a flat can commence the lease extension process for the buyer?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-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 for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.

An alternative approach is 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.

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

If you are instructing a solicitor for lease extension works (regardless if they are a Silverton conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Silverton conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:

  • If they are not ALEP accredited then what is the reason?
  • What are the costs for lease extension work?

  • Are there frequently found problems that you encounter in leases for Silverton properties?

    There is nothing unique about leasehold conveyancing in Silverton. All leases are individual and drafting errors can result in certain provisions are missing. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements of the building
    • A duty to insure the building
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    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. Santander, The Mortgage Works, and Godiva Mortgages Ltd 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 grant the mortgage, forcing the buyer to pull out.

    I bought a basement flat in Silverton, conveyancing formalities finalised 7 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Silverton with an extended lease are worth £205,000. The ground rent is £55 yearly. The lease runs out on 21st October 2102

    You have 78 years left to run the likely cost is going to range between £8,600 and £9,800 plus costs.

    The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Silverton