Leasehold Conveyancing in Southwell - Get a Quote from the leasehold experts approved by your lender

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When it comes to leasehold conveyancing in Southwell, you will need to chose a conveyancing solicitor with leasehold experience. Whether your mortgage company is to be Halifax, RBS or Bradford & Bingley be sure to choose a lawyer on their approved list. Feel free to use our search tool

Frequently asked questions relating to Southwell leasehold conveyancing

Estate agents have just been given the go-ahead to market my garden apartment in Southwell.Conveyancing is yet to be initiated but I have just received a half-yearly service charge invoice – Do I pay up?

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.

Back In 2003, I bought a leasehold flat in Southwell. Conveyancing and Barclays Direct mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1994. The conveyancing solicitor in Southwell who acted for me is not around.Do I pay?

The first thing you should do is make enquiries of the Land Registry to be sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Southwell conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am tempted by the attractive purchase price for a two apartments in Southwell which have in the region of forty five years unexpired on the leases. Will this present a problem?

There are plenty of short leases in Southwell. The lease is a legal document that entitles you 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. This is why it is generally wise to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this arena

I've recently bought a leasehold flat in Southwell. Am I liable to pay service charges relating to a period prior to completion of my purchase?

Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Do you have any advice for leasehold conveyancing in Southwell from the point of view of saving time on the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Southwell can be avoided if you appoint lawyers the minute you market your property and ask them to put together the leasehold documentation needed by the purchasers’ representatives.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Southwell leases often stipulate that internal structural changes or installing wooden flooring require a licence from the Landlord consenting to such works. Should you dont have the approvals in place you should not contact the landlord without contacting your lawyer first.
  • A minority of Southwell leases require Landlord’s consent to the sale and approval of the buyers. 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 will need to confirm that the buyers are able to meet 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 purchasers or their solicitors.
  • If you have had conflict with your landlord or managing agents it is essential that these are settled prior to the flat being put on the market. The buyers and their solicitors will be nervous about purchasing a property where there is an ongoing 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 ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable 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 have the original share document. Organising a re-issued share certificate is often a lengthy process and frustrates many a Southwell conveyancing transaction. If a duplicate share certificate is necessary, do contact the company director and secretary or managing agents (where relevant) for this sooner rather than later.

    • I inherited a leasehold flat in Southwell, conveyancing having been completed in 2003. How much will my lease extension cost? Corresponding flats in Southwell with a long lease are worth £189,000. The ground rent is £45 per annum. The lease terminates on 21st October 2078

    With only 53 years remaining on your lease we estimate the price of your lease extension to be between £34,200 and £39,600 as well as plus your own and the landlord's "reasonable" professional fees.

    The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed due diligence. You should not use this information 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 move forward based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Southwell