Leasehold Conveyancing in Symonds Yat - Get a Quote from the leasehold experts approved by your lender

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When it comes to leasehold conveyancing in Symonds Yat, you will need to chose a conveyancing lawyer with leasehold experience. Whether your lender is to be Halifax, Yorkshire Building Society or Nationwide be sure to find a lawyer on their approved list. Feel free to use our search tool

Common questions relating to Symonds Yat leasehold conveyancing

I am hoping to sign contracts shortly on a leasehold property in Symonds Yat. Conveyancing solicitors have said that they are sending me a report on Monday. What should I be looking out for?

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

  • You should be sent a copy of the lease
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • Defining your legal entitlements in relation to the communal areas in the block.For instance, does the lease grant a right of way over a path or staircase?
  • Will you be prohibited or prevented from having pets in the property?
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • 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.
  • 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 Symonds Yat please enquire of your lawyer in ahead of your conveyancing in Symonds Yat

    • Estate agents have just been given the go-ahead to market my ground floor apartment in Symonds Yat.Conveyancing lawyers have not yet been instructed but I have just had a yearly service charge demand – Do I pay up?

    It best that you pay the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

    I am looking at a two maisonettes in Symonds Yat both have in the region of fifty years unexpired on the leases. Will this present a problem?

    A lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the value of the lease decreases and it becomes more expensive to acquire a lease extension. This is why it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this arena

    I am employed by a long established estate agency in Symonds Yat where we have witnessed a number of flat sales jeopardised due to short leases. I have been given inconsistent advice from local Symonds Yat conveyancing solicitors. Please can you confirm whether the owner of a flat can instigate the lease extension formalities for the buyer?

    Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.

    Alternatively, it may be possible 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 provide any advice for leasehold conveyancing in Symonds Yat with the intention of expediting the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Symonds Yat can be avoided where you get in touch lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold information which will be required by the purchasers’ conveyancers.
    • If you have carried out any alterations to the premises would they have required Landlord’s permission? In particular have you installed wooden flooring? Symonds Yat leases often stipulate that internal structural changes or addition of wooden flooring necessitate a licence from the Landlord consenting to such works. If you dont have the approvals to hand you should not contact the landlord without checking with your conveyancer first.
  • Some Symonds Yat 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 will need to confirm that the buyers are 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 lawyers.
  • If you have had any disputes with your landlord or managing agents it is essential that these are resolved prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may need to swallow your pride and 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 details of the dispute to the buyers, but it is better to present the dispute as over as opposed to unresolved.
  • If you are supposed to have a share in the Management Company, you should make sure that you hold the original share certificate. Organising a re-issued share certificate is often a time consuming process and frustrates many a Symonds Yat home move. Where a new share certificate is required, do contact the company director and secretary or managing agents (if applicable) for this as soon as possible.

    • I own a split level flat in Symonds Yat, conveyancing having been completed 2006. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Symonds Yat with an extended lease are worth £215,000. The ground rent is £60 invoiced annually. The lease comes to an end on 21st October 2084

    With just 59 years unexpired the likely cost is going to span between £21,900 and £25,200 as well as plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Symonds Yat