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

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Any conveyancing solicitor can theoretically handle your leasehold conveyancing in Speke, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Frequently asked questions relating to Speke leasehold conveyancing

I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have subsequently found out that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Speke. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Speke ?

Most houses in Speke are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Speke so you should seriously consider shopping around for a Speke conveyancing solicitor and be sure that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’sconsent to carry out alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your lawyer should advise you fully on all the issues.

I am employed by a long established estate agency in Speke where we have experienced a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have received inconsistent advice from local Speke conveyancing firms. Please can you shed some light as to whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

What advice can you give us when it comes to appointing a Speke conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a solicitor for your lease extension (regardless if they are a Speke conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you talk with several firms including non Speke conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:

  • If the firm is not ALEP accredited then what is the reason?
  • What volume of lease extensions has the firm conducted in Speke in the last 12 months?

    • Can you provide any top tips for leasehold conveyancing in Speke from the perspective of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Speke can be bypassed where you get in touch lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation needed by the buyers conveyancers.
    • If you have carried out any alterations to the residence would they have required Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Speke state that internal structural changes or laying down wooden flooring necessitate a licence from the Landlord consenting to such works. Where you dont have the consents to hand do not communicate with the landlord without checking with your lawyer before hand.
  • Some Speke leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. The 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 buyers or their solicitors.
  • If you hold a share in a the Management Company, you should make sure that you are holding the original share document. Obtaining a new share certificate can be a time consuming process and delays many a Speke conveyancing transaction. Where a reissued share certificate is needed, you should approach the company director and secretary or managing agents (if relevant) for this sooner rather than later.
  • 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 purchaser's lawyer will be unlikely to recommend their client to to exchange contracts if the lease term is below 80 years. It is therefore essential at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • Are there common deficiencies that you witness in leases for Speke properties?

    There is nothing unique about leasehold conveyancing in Speke. All leases are unique and drafting errors can sometimes mean that certain provisions are wrong. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the property
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You will encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Skipton Building Society, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to withdraw.

    I own a split level flat in Speke, conveyancing was carried out in 2009. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Speke with over 90 years remaining are worth £265,000. The average or mid-range amount of ground rent is £50 levied per year. The lease ceases on 21st October 2087

    With 61 years unexpired we estimate the premium for your lease extension to be between £23,800 and £27,400 as well as legals.

    The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs 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 you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Speke