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?
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.
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
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.