Guaranteed fixed fees for Leasehold Conveyancing in Summertown and Botley

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When it comes to leasehold conveyancing in Summertown and Botley, you will need to chose a conveyancing solicitor with leasehold experience. Whether your lender is to be Clydesdale , Birmingham Midshires or NatWest be sure to choose a lawyer on their approved list. Find a Summertown and Botley conveyancing lawyer with our search tool

Frequently asked questions relating to Summertown and Botley leasehold conveyancing

Having checked my lease I have discovered that there are only Sixty One years unexpired on my lease in Summertown and Botley. I am keen to get lease extension but my freeholder is absent. What options are available to me?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. However, you will be required to prove that you have used your best endeavours to find the lessor. For most situations a specialist would be useful to try and locate and to produce a report which can be used as proof that the freeholder can not be located. It is advisable to get professional help from a conveyancer both on proving the landlord’s disappearance and the application to the County Court covering Summertown and Botley.

Last month I purchased a leasehold house in Summertown and Botley. Am I liable to pay service charges for periods before completion of my purchase?

Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

I am a negotiator for a long established estate agency in Summertown and Botley where we see a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given contradictory information from local Summertown and Botley conveyancing solicitors. Could you clarify whether the seller of a flat can initiate the lease extension process for the purchaser on completion of the sale?

As long as the seller has been the owner 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 wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.

An alternative approach is to extend the lease informally by agreement with the landlord 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.

Can you offer any advice when it comes to finding a Summertown and Botley conveyancing firm to carry out our lease extension conveyancing?

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

  • How familiar is the practice with lease extension legislation?
  • Can they put you in touch with client in Summertown and Botley who can give a testimonial?

    • Can you provide any top tips for leasehold conveyancing in Summertown and Botley with the aim of saving time on the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Summertown and Botley can be avoided if you get in touch lawyers the minute you market your property and ask them to collate the leasehold information which will be required by the buyers conveyancers.
    • In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Summertown and Botley leases often stipulate that internal structural changes or installing wooden flooring necessitate a licence issued by the Landlord consenting to such alterations. Where you dont have the paperwork to hand do not contact the landlord without contacting your solicitor in advance.
  • Some Summertown and Botley 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • If you are supposed to have a share in the Management Company, you should make sure that you hold the original share certificate. Obtaining a new share certificate can be a time consuming process and slows down many a Summertown and Botley conveyancing deal. Where a new share is required, do contact the company director and secretary or managing agents (if relevant) for this sooner rather than later.
  • You believe that you know the number of years left on your lease but it would be wise to double-check by asking your conveyancers. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is less than 80 years. It is therefore important at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • I purchased a studio flat in Summertown and Botley, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Summertown and Botley with a long lease are worth £191,000. The average or mid-range amount of ground rent is £65 yearly. The lease ceases on 21st October 2092

    With 67 years remaining on your lease we estimate the price of your lease extension to be between £11,400 and £13,200 plus legals.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. You should not use this information 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. Please do not move forward based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Summertown and Botley