Fixed-fee leasehold conveyancing in Swadlincote:

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Common questions relating to Swadlincote leasehold conveyancing

Looking forward to sign contracts shortly on a leasehold property in Swadlincote. Conveyancing solicitors inform me that they are sending me a report on Monday. What should I be looking out for?

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

  • How long the lease is 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
  • Defining your rights in relation to the communal areas in the block.By way of example, does the lease provide for a right of way over a path or hallways?
  • Does the lease require carpeting throughout thus preventing wood flooring?
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be contained in your report on your leasehold property in Swadlincote please enquire of your conveyancer in ahead of your conveyancing in Swadlincote

    • I am tempted by the attractive purchase price for a two flats in Swadlincote which have about fifty years unexpired on the lease term. Will this present a problem?

    There is no doubt about it. A leasehold apartment in Swadlincote is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the value of the premises. The majority of purchasers and mortgage companies, leases with less than 75 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 premises 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 Swadlincote conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 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.

    I've recently bought a leasehold flat in Swadlincote. Do I have any liability for service charges relating to a period prior to 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. Strange as it may seem, 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).

    What advice can you give us when it comes to choosing a Swadlincote conveyancing firm to carry out our lease extension conveyancing?

    If you are instructing a solicitor for lease extension works (regardless if they are a Swadlincote conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Swadlincote conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

    • How familiar is the firm with lease extension legislation?
  • What are the legal fees for lease extension conveyancing?

    • Can you provide any advice for leasehold conveyancing in Swadlincote from the perspective of speeding up the sale process?

    • Much of the frustration in leasehold conveyancing in Swadlincote can be reduced where you instruct lawyers the minute your agents start advertising the property and ask them to put together the leasehold information needed by the purchasers’ conveyancers.
    • Many landlords or managing agents in Swadlincote levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Swadlincote.
  • If you have carried out any alterations to the residence would they have required Landlord’s approval? Have you, for example installed wooden flooring? Most leases in Swadlincote state that internal structural changes or installing wooden flooring require a licence issued by the Landlord acquiescing to such alterations. Should you dont have the paperwork to hand you should not communicate with the landlord without checking with your conveyancer first.
  • Some Swadlincote leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet 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 purchasers or their solicitors.
  • If you have had any disputes with your freeholder or managing agents it is essential that these are settled before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is ongoing. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. 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 particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over as opposed to unresolved.

    • I bought a split level flat in Swadlincote, conveyancing formalities finalised in 1996. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Swadlincote with an extended lease are worth £263,000. The ground rent is £50 invoiced every year. The lease finishes on 21st October 2078

    With just 54 years remaining on your lease the likely cost is going to be between £28,500 and £33,000 plus costs.

    The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Swadlincote