Guaranteed fixed fees for Leasehold Conveyancing in Somersham

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Sample questions relating to Somersham leasehold conveyancing

I am hoping to sign contracts shortly on a leasehold property in Somersham. Conveyancing solicitors inform me that they are sending me a report on Monday. What should I be looking out for?

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

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • The total extent of the property. This will be the apartment itself but might incorporate a loft or basement if applicable.
  • Setting out your rights in respect of the communal areas in the building.By way of example, does the lease grant a right of way over a path or staircase?
  • Whether the lease restricts you from renting out the property, or working from home
  • Whether your lease has a provision for a sinking fund?
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be contained in your report on your leasehold property in Somersham please ask your conveyancer in advance of your conveyancing in Somersham

    • I own a leasehold flat in Somersham. Conveyancing and Barclays Direct mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1998. The conveyancing practitioner in Somersham who previously acted has now retired.Do I pay?

    The first thing you should do is make enquiries of the Land Registry to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. You do not need to instruct a Somersham conveyancing firm to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

    I am looking at a two maisonettes in Somersham both have approximately 50 years remaining on the lease term. should I be concerned?

    There are no two ways about it. A leasehold apartment in Somersham is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the property. The majority of buyers and lenders, leases with less than eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Somersham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

    I work for a long established estate agent office in Somersham where we have witnessed a number of leasehold sales jeopardised as a result of short leases. I have been given contradictory information from local Somersham conveyancing solicitors. Please can you clarify whether the owner of a flat can instigate 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 kick-start 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 simultaneously with 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 Somersham from the perspective of expediting the sale process?

    • Much of the frustration in leasehold conveyancing in Somersham can be bypassed where you instruct lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the buyers solicitors.
    • A minority of Somersham leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain 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 actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • If there is a history of conflict with your freeholder or managing agents it is essential that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be concerned about purchasing a property where there is a current dispute. You may need to swallow your pride and 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 present the dispute as historic rather than unresolved.
  • If you have the benefit of shareholding in the Management Company, you should ensure that you hold the original share certificate. Obtaining a re-issued share certificate is often a lengthy process and slows down many a Somersham conveyancing deal. Where a reissued share is necessary, do contact the company director and secretary or managing agents (if relevant) for this sooner rather than later.
  • You believe that you know the number of years remaining on your lease but it would be advisable verify this via your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to where the lease term is less than 80 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • Somersham Conveyancing for Leasehold Flats - Examples of Questions you should consider before Purchasing

      Be sure to investigate if there is anything that is prohibited in the lease. For instance some leases prohibit pets being allowed in in a block in Somersham. If you love the propertyin Somersham but your dog can’t live with you then you have a very hard decision. The best form of lease structure is where the freehold reversion is owned by the leaseholders. In this arrangement the tenants have being in charge if their destiny and although a managing agent is often retained if it is larger than a house conversion, the managing agent is directed by the tenants. Is there a share of the freehold?

    Other Topics

    Lease Extensions in Somersham