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While any conveyancing solicitor can theoretically handle your leasehold conveyancing in Summertown, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Sample questions relating to Summertown leasehold conveyancing

I am in need of some leasehold conveyancing in Summertown. Before I get started I require certainty as to the unexpired term of the lease.

Assuming the lease is registered - and most are in Summertown - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

Due to sign contracts shortly on a basement flat in Summertown. Conveyancing solicitors inform me that they report fully tomorrow. What should I be looking out for?

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

  • The length of the lease term You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years
  • Will you be prohibited or prevented from having pets in the property?
  • Does the lease prevent you from letting out the flat, or having a home office for business
  • You need to be told what constitutes a Nuisance in the lease
  • 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.
  • Responsibility for repairing the window frames For a comprehensive list of information to be included in your report on your leasehold property in Summertown please enquire of your conveyancer in advance of your conveyancing in Summertown

    • I am looking at a couple of flats in Summertown which have in the region of fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?

    There is no doubt about it. A leasehold apartment in Summertown is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the value of the property. For most buyers and banks, leases with under 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 property 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 a residence 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 Summertown 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed 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 offer any advice when it comes to finding a Summertown conveyancing practice to deal with our lease extension?

    If you are instructing a solicitor for your lease extension (regardless if they are a Summertown conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Summertown conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:

    • If the firm is not ALEP accredited then why not?
  • Can they put you in touch with client in Summertown who can give a testimonial?

    • Do you have any advice for leasehold conveyancing in Summertown from the point of view of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Summertown can be reduced where you get in touch lawyers the minute your agents start advertising the property and ask them to collate the leasehold information needed by the purchasers’ solicitors.
    • Many landlords or Management Companies in Summertown levy fees for providing management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Summertown.
  • If there is a history of any disputes with your landlord or managing agents it is very important that these are resolved prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a flat where a dispute is ongoing. You may have to bite the bullet and discharge 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 are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to present the dispute as historic rather than ongoing.
  • If you are supposed to have a share in the freehold, you should make sure that you are holding the original share certificate. Obtaining a duplicate share certificate is often a time consuming formality and delays many a Summertown home move. Where a new share certificate is necessary, do contact the company director and secretary or managing agents (if 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 by asking your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is under 80 years. It is therefore important at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • Summertown Leasehold Conveyancing - Sample of Questions you should consider before buying

      Who is in charge of the block? Please note that where the lease has less than 80 years it will have adverse implications on the marketability of the flat. Check with your mortgage company that they are content with the length of the lease. A short lease means that you will probably have to extend the lease at some point and it is worth finding out what this would cost. Remember, in most cases you would be required to have been the owner of the residence for 24 months before you are legally able to exercise a lease extension. The answer will be useful as a) areas could result in problems in the block as the communal areas may start to deteriorate if repairs remain unpaid b) if the leasehold owners have a dispute with the running of the building you will wish to know about it

    Other Topics

    Lease Extensions in Summertown