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When it comes to leasehold conveyancing in Southport, you will need to appoint a conveyancing practitioner with leasehold experience. Whether your lender is to be Halifax, Yorkshire Building Society or NatWest be sure to find a lawyer on their approved list. Find a Southport conveyancing lawyer with our search tool

Common questions relating to Southport leasehold conveyancing

My partner and I may need to rent out our Southport 1st floor flat for a while due to a career opportunity. We instructed a Southport conveyancing firm in 2002 but they have since shut and we did not think at the time seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?

Some leases for properties in Southport do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.

Due to sign contracts shortly on a leasehold property in Southport. Conveyancing lawyers inform me that they report fully tomorrow. What should I be looking out for?

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

  • The length of the lease term You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years
  • Defining your legal entitlements in respect of the communal areas in the block.For instance, does the lease include a right of way over an accessway or hallways?
  • Does the lease require carpeting throughout thus preventing wood flooring?
  • Whether the lease restricts you from subletting the flat, or having a home office for business
  • You need to be told what constitutes a Nuisance in the lease
  • You should have a good understanding of the insurance provisions
  • 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 For details of the information to be contained in your report on your leasehold property in Southport please enquire of your conveyancer in ahead of your conveyancing in Southport

    • I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have subsequently found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Southport. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?

    Most houses in Southport are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Southport so you should seriously consider shopping around for a Southport conveyancing practitioner and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your conveyancer should appraise you on the various issues.

    I am attracted to a two maisonettes in Southport which have about 50 years remaining on the leases. Do I need to be concerned?

    There are plenty of short leases in Southport. The lease is a right to use the premises for a period of time. As the lease gets shorter the value of the lease reduces and it becomes more expensive to acquire a lease extension. For this reason it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this area

    Do you have any top tips for leasehold conveyancing in Southport with the purpose of expediting the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Southport can be bypassed where you instruct lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold documentation needed by the purchasers’ solicitors.
    • The majority landlords or managing agents in Southport charge for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Southport.
  • A minority of Southport 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 obtain bank and professional references. The 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 service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If you have had any disputes with your freeholder 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 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 will still have to reveal details of the dispute to the purchasers, but it is better to present the dispute as over as opposed to unresolved.
  • You may think that you are aware of the number of years remaining on your lease but you should double-check via your solicitors. A purchaser's lawyer will be unlikely to recommend their client to where the remaining number of years is less than 75 years. It is therefore important at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • I inherited a 1 bedroom flat in Southport, conveyancing was carried out 6 years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Southport with an extended lease are worth £262,000. The ground rent is £50 per annum. The lease terminates on 21st October 2095

    You have 70 years remaining on your lease we estimate the price of your lease extension to be between £12,400 and £14,200 as well as legals.

    The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered 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 without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Southport