Fixed-fee leasehold conveyancing in Somersham:

Leasehold conveyancing in Somersham is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Somersham and across next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Somersham leasehold conveyancing Example Support Desk Enquiries

I am a negotiator for a reputable estate agency in Somersham where we see a few leasehold sales jeopardised as a result of short leases. I have been given conflicting advice from local Somersham conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can instigate 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 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 at the same time as 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.

What are your top tips when it comes to choosing a Somersham conveyancing firm to deal with our lease extension?

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

  • How familiar is the firm with lease extension legislation?
  • If the firm is not ALEP accredited then why not?

  • Can you provide any top tips for leasehold conveyancing in Somersham with the intention of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Somersham can be reduced if you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the purchasers’ representatives.
    • If you have carried out any alterations to the premises would they have required Landlord’s consent? Have you, for example installed wooden flooring? Somersham leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence from the Landlord acquiescing to such works. If you dont have the paperwork to hand do not communicate with the landlord without contacting your solicitor in advance.
  • A minority of Somersham 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. The 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 actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
  • If you have had conflict with your landlord or managing agents it is very important that these are resolved prior to the flat being marketed. The buyers and their solicitors will be nervous about purchasing a flat where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. 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 particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic rather than ongoing.
  • You believe that you know the number of years remaining on your lease but it would be advisable verify this by asking your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is under 80 years. It is therefore important at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

  • All being well we will complete the disposal of our £325000 apartment in Somersham in just under a week. The landlords agents has quoted £300 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Somersham?

    Somersham conveyancing on leasehold maisonettes nine out of ten times results in administration charges levied by managing agents :

    • Answering pre-contract enquiries
    • Where consent is required before sale in Somersham
    • Copies of the building insurance and schedule
    • Deeds of covenant upon sale
    • Registering of the assignment of the change of lessee after a sale
    Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Somersham leasehold property is £350. For Somersham conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to supply answers.

    Are there frequently found defects that you witness in leases for Somersham properties?

    Leasehold conveyancing in Somersham is not unique. Most leases are individual and drafting errors can sometimes mean that certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain parts of the building
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Bank of Scotland, and Britannia all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the buyer to pull out.

    I am the registered owner of a garden flat in Somersham, conveyancing having been completed in 2010. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Somersham with over 90 years remaining are worth £255,000. The ground rent is £45 per annum. The lease ceases on 21st October 2091

    With just 69 years unexpired we estimate the price of your lease extension to be between £9,500 and £11,000 plus legals.

    The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you 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 Somersham