Experts for Leasehold Conveyancing in Swadlincote

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

Swadlincote leasehold conveyancing: Q and A’s

Jane (my partner) and I may need to sub-let our Swadlincote basement flat temporarily due to taking a sabbatical. We used a Swadlincote conveyancing firm in 2002 but they have since shut and we did not have the foresight to seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?

Notwithstanding that your previous Swadlincote conveyancing lawyer is not available you can review your lease to check if you are permitted to let out the property. The accepted inference is that if the deeds are silent, subletting is permitted. Quite often there is a prerequisite that you are obliged to seek consent via your landlord or some other party prior to subletting. This means you not allowed to sublet in the absence of prior consent. The consent must not not be unreasonably refused ore delayed. If your lease prohibits you from letting out the property you will need to ask your landlord if they are willing to waive this restriction.

Looking forward to complete next month on a garden flat in Swadlincote. Conveyancing solicitors have said that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?

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

  • The unexpired lease term You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark
  • The physical extent of the premises. This will be the flat itself but might include a loft or cellar if applicable.
  • Setting out your legal entitlements in respect of common areas in the building.By way of example, does the lease provide for a right of way over an accessway or staircase?
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • Whether your lease has a provision for a sinking fund?
  • You should have a good understanding of the insurance provisions
  • 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. For details of the information to be contained in your report on your leasehold property in Swadlincote please ask your conveyancer in advance of your conveyancing in Swadlincote

  • I've found a house that appears to meet my requirements, at a great price which is making it all the more appealing. I have since found out that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Swadlincote. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Swadlincote ?

    The majority of houses in Swadlincote are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Swadlincote in which case you should be shopping around for a Swadlincote conveyancing practitioner and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your lawyer will report to you on the legal implications.

    Last month I purchased a leasehold flat in Swadlincote. 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).

    Can you provide any advice for leasehold conveyancing in Swadlincote with the aim of speeding up the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Swadlincote can be bypassed where you get in touch lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold information which will be required by the buyers conveyancers.
    • The majority freeholders or managing agents in Swadlincote levy fees for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for on or before finding 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 usual cause of delay in leasehold conveyancing in Swadlincote.
  • A minority of Swadlincote leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. The 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 buyers or their solicitors.
  • If there is a history of any disputes with your landlord or managing agents it is essential that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be nervous about purchasing a property where there is a current dispute. You may need to swallow your pride and pay 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 ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as historic as opposed to unresolved.
  • You may think that you are aware of the number of years left on your lease but you should double-check via your lawyers. A buyer’s lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is under 75 years. In the circumstances it is 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 premises on the market for sale.

  • I acquired a 1st floor flat in Swadlincote, conveyancing having been completed 1997. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Swadlincote with an extended lease are worth £247,000. The average or mid-range amount of ground rent is £50 per annum. The lease ends on 21st October 2095

    With only 74 years unexpired we estimate the premium for your lease extension to span between £12,400 and £14,200 plus costs.

    The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Swadlincote