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Recently asked questions relating to Skegness leasehold conveyancing

Planning to sign contracts shortly on a leasehold property in Skegness. Conveyancing lawyers assured me that they will have a report out to me within the next couple of days. What should I be looking out for?

The report on title for your leasehold conveyancing in Skegness should include some of the following:

  • Setting out your legal entitlements in respect of the communal areas in the block.By way of example, does the lease permit a right of way over a path or staircase?
  • Does the lease require carpeting throughout thus preventing wood flooring?
  • Does the lease prevent you from renting out the property, or having a home office for business
  • Whether your lease has a provision for a sinking fund?
  • Changes to the flat (alterations and additions)
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice? For details of the information to be contained in your report on your leasehold property in Skegness please ask your solicitor in advance of your conveyancing in Skegness

    • I am looking at a two flats in Skegness which have in the region of 50 years remaining on the leases. Do I need to be concerned?

    A lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the value of the lease deteriorate and results in it becoming more expensive to extend the lease. For this reason it is generally wise to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this area

    I am employed by a busy estate agent office in Skegness where we have experienced a number of flat sales put at risk due to leases having less than 80 years remaining. I have received conflicting advice from local Skegness conveyancing solicitors. Please can you confirm whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?

    Provided that 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. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.

    Alternatively, it may be possible 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 purchaser.

    Do you have any top tips for leasehold conveyancing in Skegness with the intention of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Skegness can be bypassed if you appoint lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ solicitors.
    • If you have carried out any alterations to the residence would they have required Landlord’s approval? In particular have you installed wooden flooring? Skegness leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence from the Landlord consenting to such works. If you dont have the consents in place you should not communicate with the landlord without contacting your lawyer first.
  • If there is a history of conflict with your landlord or managing agents it is very important that these are resolved before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is ongoing. 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 ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to reveal the dispute as over rather than unresolved.
  • If you have the benefit of shareholding in the freehold, you should make sure that you hold the original share document. Obtaining a re-issued share certificate can be a lengthy formality and delays many a Skegness conveyancing transaction. If a reissued share certificate is required, do contact the company director and secretary or managing agents (if relevant) for this at the earliest opportunity.
  • You may think that you are aware of the number of years left on your lease but it would be wise to double-check via your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to where the lease term is under 75 years. In the circumstances it is important at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • When it comes to leasehold conveyancing in Skegness what are the most frequent lease problems?

    There is nothing unique about leasehold conveyancing in Skegness. All leases is drafted differently and drafting errors can result in certain sections are wrong. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the building
    • Insurance obligations
    • 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

    You will encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Coventry Building Society, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to pull out.

    I invested in buying a leasehold flat in Skegness, conveyancing having been completed 7 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Skegness with over 90 years remaining are worth £250,000. The ground rent is £50 levied per year. The lease ceases on 21st October 2076

    With just 51 years remaining on your lease the likely cost is going to span between £31,400 and £36,200 plus professional fees.

    The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.

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    Lease Extensions in Skegness