Fixed-fee leasehold conveyancing in Tibshelf:

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Recently asked questions relating to Tibshelf leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Tibshelf. Before I get started I would like to find out the remaining lease term.

If the lease is recorded at the land registry - and 99.9% are in Tibshelf - 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.

I've found a house that seems to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have just been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Tibshelf. Conveyancing advisers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Tibshelf ?

Most houses in Tibshelf are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Tibshelf so you should seriously consider shopping around for a Tibshelf conveyancing practitioner and be sure that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’spermission to carry out alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the house is part of an estate. Your solicitor should report to you on the legal implications.

I work for a busy estate agent office in Tibshelf where we have witnessed a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Tibshelf conveyancing firms. Please can you shed some light as to whether the vendor of a flat can start the lease extension process for the buyer?

As long as the seller has been the owner 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 buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.

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 top tips for leasehold conveyancing in Tibshelf from the perspective of speeding up the sale process?

  • Much of the delay in leasehold conveyancing in Tibshelf can be bypassed if you appoint lawyers the minute you market your property and request that they start to collate the leasehold information needed by the purchasers’ conveyancers.
  • In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Tibshelf leases often stipulate that internal structural changes or installing wooden flooring require a licence issued by the Landlord consenting to such works. If you fail to have the consents to hand do not communicate with the landlord without checking with your lawyer in the first instance.
  • If you have had conflict with your landlord or managing agents it is very important that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be warry about purchasing a flat where there is a current dispute. You may have to bite the bullet 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 ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to present the dispute as historic as opposed to unresolved.
  • If you are supposed to have a share in the freehold, you should ensure that you hold the original share document. Organising a re-issued share certificate is often a time consuming formality and delays many a Tibshelf home move. If a duplicate share is required, do contact the company officers or managing agents (if applicable) for this at the earliest opportunity.
  • You may think that you are aware of the number of years left on your lease but you should verify this by asking your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is less than 75 years. It is therefore important at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • What makes a Tibshelf lease unmortgageable?

    There is nothing unique about leasehold conveyancing in Tibshelf. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain parts of the property
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You will encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Chelsea Building Society, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to pull out.

    I inherited a basement flat in Tibshelf, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Tibshelf with an extended lease are worth £240,000. The average or mid-range amount of ground rent is £55 per annum. The lease expires on 21st October 2103

    With just 79 years remaining on your lease we estimate the price of your lease extension to be between £7,600 and £8,800 plus costs.

    The figure 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 investigations. 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 you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Tibshelf