Fixed-fee leasehold conveyancing in Somersham:

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When it comes to leasehold conveyancing in Somersham, you will need to appoint a conveyancing solicitor with leasehold experience. Whether your mortgage company is to be Santander, RBS or Nationwide make sure you find a lawyer on their panel. Find a Somersham conveyancing lawyer with our search tool

Recently asked questions relating to Somersham leasehold conveyancing

Estate agents have just been given the go-ahead to market my basement apartment in Somersham.Conveyancing solicitors are to be appointed soon but I have just had a yearly service charge demand – should I leave it to the buyer to sort out?

Your conveyancing lawyer is likely to suggest that you should clear the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

I am a negotiator for a reputable estate agent office in Somersham where we have witnessed a few leasehold sales derailed due to short leases. I have been given contradictory information from local Somersham conveyancing solicitors. Could you clarify whether the vendor of a flat can start the lease extension formalities for the buyer?

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. This means 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 has to be done prior to, or at the same time as completion of the disposal of the property.

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 purchaser.

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

If you are instructing a conveyancer for your lease extension (regardless if they are a Somersham conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non Somersham conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:

  • If the firm is not ALEP accredited then why not?
  • How many lease extensions has the firm conducted in Somersham in the last year?

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

    • A significant proportion of the delay in leasehold conveyancing in Somersham can be reduced where you appoint lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold information needed by the buyers conveyancers.
    • If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you installed wooden flooring? Most leases in Somersham state that internal structural changes or addition of wooden flooring require a licence issued by the Landlord acquiescing to such changes. Should you fail to have the approvals to hand you should not contact the landlord without contacting your conveyancer in the first instance.
  • A minority of Somersham leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the yearly 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 lawyers.
  • If there is a history of conflict with your landlord or managing agents it is essential that these are settled before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may have to bite the bullet and pay 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 prior to 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 present the dispute as over rather than unsettled.
  • If you are supposed to have a share in the Management Company, you should ensure that you are holding the original share document. Organising a duplicate share certificate can be a time consuming formality and frustrates many a Somersham conveyancing deal. Where a new share is required, do contact the company director and secretary or managing agents (where applicable) for this sooner rather than later.

    • We expect to complete our sale of a £350000 maisonette in Somersham on Monday in a week. The management company has quoted £336 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Somersham?

    Somersham conveyancing on leasehold flats more often than not involves the buyer’s lawyer submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to these enquiries the majority will be content to do so. They are at liberty levy a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some situations it exceeds £800. The administration charge demanded by the landlord must be sent together with a summary of rights and obligations in respect of administration fees, without which the invoice is technically not due. Reality however dictates that you have little option but to pay whatever is demanded should you wish to exchange contracts with the buyer.

    I purchased a 2 bed flat in Somersham, conveyancing was carried out 2009. How much will my lease extension cost? Similar flats in Somersham with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ends on 21st October 2081

    With just 57 years remaining on your lease we estimate the price of your lease extension to range between £21,900 and £25,200 as well as legals.

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

    Other Topics

    Lease Extensions in Somersham