Experts for Leasehold Conveyancing in Southwell

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When it comes to leasehold conveyancing in Southwell, you will need to instruct a conveyancing lawyer with leasehold experience. Whether your mortgage company is to be Lloyds, Yorkshire Building Society or NatWest be sure to choose a lawyer on their approved list. Find a Southwell conveyancing lawyer with our search tool

Questions and Answers: Southwell leasehold conveyancing

I only have 68 years unexpired on my lease in Southwell. I need to extend my lease but my freeholder is absent. What options are available to me?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. You will be obliged to prove that you or your lawyers have used your best endeavours to locate the freeholder. On the whole a specialist would be helpful to conduct investigations and to produce a report to be used as evidence that the landlord can not be located. It is wise to seek advice from a solicitor both on investigating the landlord’s absence and the vesting order request to the County Court overseeing Southwell.

Looking forward to exchange soon on a ground floor flat in Southwell. Conveyancing lawyers inform me that they are sending me a report tomorrow. What should I be looking out for?

Your report on title for your leasehold conveyancing in Southwell should include some of the following:

  • You should be sent a copy of the lease
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Does the lease prohibit wood flooring?
  • Are you allowed to have a pet in the flat?
  • Changes to the flat (alterations and additions)
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • 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 details of the information to be contained in your report on your leasehold property in Southwell please enquire of your conveyancer in ahead of your conveyancing in Southwell

    • Estate agents have just been given the go-ahead to market my basement flat in Southwell.Conveyancing has not commenced but I have just received a quarterly maintenance charge demand – should I leave it to the buyer to sort out?

    The sensible thing to do is clear the service charge 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 until 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 tempted by the attractive purchase price for a couple of flats in Southwell both have approximately forty five years unexpired on the lease term. Do I need to be concerned?

    A lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the marketability of the lease deteriorate and it becomes more costly to extend the lease. For this reason it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this area

    Can you provide any advice for leasehold conveyancing in Southwell from the perspective of expediting the sale process?

    • Much of the frustration in leasehold conveyancing in Southwell can be bypassed where you instruct lawyers as soon as you market your property and ask them to put together the leasehold documentation which will be required by the purchasers’ conveyancers.
    • If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example installed wooden flooring? Most leases in Southwell state that internal structural alterations or laying down wooden flooring necessitate a licence from the Landlord acquiescing to such changes. Where you fail to have the consents to hand do not communicate with the landlord without contacting your solicitor before hand.
  • A minority of Southwell 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 financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying 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 service charge figures so that they can pass this information on to the purchasers or their solicitors.
  • If you hold a share in a the Management Company, you should make sure that you are holding the original share certificate. Obtaining a replacement share certificate can be a time consuming formality and slows down many a Southwell conveyancing transaction. If a duplicate share certificate is needed, do contact the company officers or managing agents (where relevant) for this as soon as possible.
  • You may think that you are aware of the number of years left on your lease but it would be advisable verify this via your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is less than 75 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • I am the registered owner of a split level flat in Southwell, conveyancing formalities finalised 4 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Southwell with an extended lease are worth £181,000. The ground rent is £65 levied per year. The lease finishes on 21st October 2104

    With only 79 years left to run we estimate the premium for your lease extension to span between £8,600 and £9,800 as well as costs.

    The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should 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. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Southwell