Fixed-fee leasehold conveyancing in Stretton:

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

Stretton leasehold conveyancing: Q and A’s

I today plan to offer on a house that appears to meet my requirements, at a great figure which is making it more attractive. I have since discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Stretton. Conveyancing lawyers have not yet been appointed. Will they explain the issues?

Most houses in Stretton are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are purchasing in Stretton so you should seriously consider shopping around for a Stretton conveyancing solicitor 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 leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’spermission to carry out alterations. It may be necessary to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your conveyancer should appraise you on the various issues.

I own a leasehold flat in Stretton. Conveyancing and Birmingham Midshires mortgage organised. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Stretton who acted for me is not around.Any advice?

The first thing you should do is contact HMLR to make sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to instruct a Stretton conveyancing firm to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am attracted to a couple of maisonettes in Stretton which have approximately 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Stretton is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the salability of the premises. For most purchasers and mortgage companies, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Stretton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Can you provide any advice for leasehold conveyancing in Stretton from the point of view of saving time on the sale process?

  • Much of the delay in leasehold conveyancing in Stretton can be bypassed where you instruct lawyers the minute your agents start marketing the property and request that they start to put together the leasehold information needed by the buyers lawyers.
  • The majority landlords or managing agents in Stretton charge for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Stretton.
  • Some Stretton leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are 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 actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • If you have had any disputes with your landlord or managing agents it is essential that these are settled before the property is marketed. The buyers and their solicitors will be warry about purchasing a flat where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to 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 historic rather than unsettled.
  • If you hold a share in a the Management Company, you should ensure that you have the original share certificate. Organising a new share certificate can be a time consuming formality and delays many a Stretton conveyancing deal. Where a duplicate share is required, you should approach the company officers or managing agents (where applicable) for this as soon as possible.

    • If all goes to plan we aim to complete the sale of our £125000 apartment in Stretton next week. The management company has quoted £408 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Stretton?

    Stretton conveyancing on leasehold apartments more often than not involves the buyer’s solicitor submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to such questions the majority will be willing to assist. They may invoice a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some transactions it is above £800. The management information fee invoiced by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration charges, otherwise the charge is not strictly payable. Reality however dictates that you have no option but to pay whatever is requested of you should you wish to complete the sale of your home.

    I inherited a garden flat in Stretton, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Stretton with a long lease are worth £202,000. The average or mid-range amount of ground rent is £55 yearly. The lease ceases on 21st October 2104

    You have 79 years remaining on your lease we estimate the premium for your lease extension to be between £8,600 and £9,800 plus professional fees.

    The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Stretton