Leasehold Conveyancing in South Woodham Ferrers - Get a Quote from the leasehold experts approved by your lender

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Common questions relating to South Woodham Ferrers leasehold conveyancing

Looking forward to sign contracts shortly on a studio apartment in South Woodham Ferrers. Conveyancing lawyers have said that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?

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

  • The length of the lease term You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
  • The total extent of the property. This will be the apartment itself but might incorporate a roof space or basement if appropriate.
  • Does the lease prohibit wood flooring?
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions)
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building For a comprehensive list of information to be included in your report on your leasehold property in South Woodham Ferrers please ask your conveyancer in ahead of your conveyancing in South Woodham Ferrers

  • I have just appointed agents to market my 2 bed flat in South Woodham Ferrers.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly maintenance charge invoice – 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 managing agents 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. This will smooth the conveyancing process.

    I am attracted to a couple of apartments in South Woodham Ferrers both have about 50 years unexpired on the lease term. should I be concerned?

    There is no doubt about it. A leasehold apartment in South Woodham Ferrers is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of buyers and mortgage companies, leases with less than 75 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 premises 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 South Woodham Ferrers 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

    Can you offer any advice when it comes to choosing a South Woodham Ferrers conveyancing firm to deal with our lease extension?

    When appointing a property lawyer for lease extension works (regardless if they are a South Woodham Ferrers conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with two or three firms including non South Woodham Ferrers conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:

    • Can they put you in touch with client in South Woodham Ferrers who can give a testimonial?
  • What are the charges for lease extension work?

  • Completion in due on the sale of our £425000 apartment in South Woodham Ferrers next week. The freeholder has quoted £300 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in South Woodham Ferrers?

    South Woodham Ferrers conveyancing on leasehold flats typically necessitates fees being raised by managing agents :

    • Completing pre-exchange enquiries
    • Where consent is required before sale in South Woodham Ferrers
    • Supplying insurance information
    • Deeds of covenant upon sale
    • Registering of the assignment of the change of lessee after a sale
    Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for South Woodham Ferrers leasehold premises is £350. For South Woodham Ferrers 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 obliged to supply answers.

    I acquired a garden flat in South Woodham Ferrers, conveyancing formalities finalised 2003. How much will my lease extension cost? Equivalent properties in South Woodham Ferrers with an extended lease are worth £185,000. The ground rent is £45 invoiced every year. The lease ends on 21st October 2078

    You have 56 years unexpired the likely cost is going to range between £28,500 and £33,000 plus legals.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.

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    Lease Extensions in South Woodham Ferrers