Guaranteed fixed fees for Leasehold Conveyancing in Southwold

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Common questions relating to Southwold leasehold conveyancing

There are only 72 years remaining on my lease in Southwold. I am keen to get lease extension but my freeholder is absent. What are my options?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. You will be obliged to prove that you or your lawyers have done all that could be expected to locate the lessor. For most situations an enquiry agent should be helpful to conduct investigations and prepare a report to be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a property lawyer both on devolving into the landlord’s disappearance and the vesting order request to the County Court covering Southwold.

Expecting to sign contracts shortly on a leasehold property in Southwold. Conveyancing solicitors inform me that they report fully within the next couple of days. What should I be looking out for?

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

  • You should receive a copy of the lease
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Whether the lease restricts you from letting out the property, or working from home
  • You should have a good understanding of the insurance provisions
  • Repair and maintenance of the flat
  • Changes to the flat (alterations and additions)
  • 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 a comprehensive list of information to be contained in your report on your leasehold property in Southwold please enquire of your lawyer in ahead of your conveyancing in Southwold

    • I have just started marketing my 2 bed flat in Southwold.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly service charge demand – should I leave it to the buyer to sort out?

    The sensible thing to do is discharge 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 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. This will smooth the conveyancing process.

    Can you offer any advice when it comes to appointing a Southwold conveyancing firm to carry out our lease extension conveyancing?

    If you are instructing a conveyancer for your lease extension (regardless if they are a Southwold conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with several firms including non Southwold conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:

    • If they are not ALEP accredited then why not?
  • What volume of lease extensions have they completed in Southwold in the last year?

    • What makes a Southwold lease unacceptable for security purposes?

    There is nothing unique about leasehold conveyancing in Southwold. Most leases are individual and drafting errors can result in certain sections are wrong. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the premises
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You could encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Norwich and Peterborough Building Society, and Aldermore all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the purchaser to withdraw.

    I am the registered owner of a leasehold flat in Southwold, conveyancing was carried out 10 years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Southwold with over 90 years remaining are worth £252,000. The average or mid-range amount of ground rent is £45 yearly. The lease terminates on 21st October 2100

    With 75 years unexpired the likely cost is going to range between £11,400 and £13,200 plus professional fees.

    The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Southwold