Fixed-fee leasehold conveyancing in Tickton:

Get a Quote

Any conveyancing practice can theoretically deal with your leasehold conveyancing in Tickton, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Common questions relating to Tickton leasehold conveyancing

I am hoping to put an offer on a small detached house that appears to meet my requirements, at a great price which is making it all the more appealing. I have subsequently discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Tickton. Conveyancing advisers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Tickton ?

Most houses in Tickton are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are buying in Tickton in which case you should be looking for a Tickton conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’spermission to conduct alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your conveyancer will appraise you on the various issues.

I am tempted by the attractive purchase price for a two maisonettes in Tickton both have approximately 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Tickton. The lease is a right to use the premises for a prescribed time frame. As the lease shortens the saleability of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this area

I am employed by a busy estate agent office in Tickton where we have experienced a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given conflicting advice from local Tickton conveyancing firms. Please can you clarify whether the vendor of a flat can start 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 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 to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.

Alternatively, it may be possible to agree the lease extension with the freeholder 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 purchaser.

Do you have any top tips for leasehold conveyancing in Tickton with the aim of expediting the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Tickton can be bypassed where you instruct lawyers as soon as your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the buyers solicitors.
  • Many freeholders or managing agents in Tickton levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Tickton.
  • If you have carried out any alterations to the residence would they have required Landlord’s permission? In particular have you laid down wooden flooring? Tickton leases often stipulate that internal structural changes or addition of wooden flooring calls for a licence from the Landlord approving such changes. Should you dont have the approvals to hand you should not contact the landlord without contacting your lawyer in the first instance.
  • A minority of Tickton 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 financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the annual 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 ensure that you are holding the original share certificate. Organising a duplicate share certificate can be a lengthy process and frustrates many a Tickton conveyancing transaction. If a reissued share is required, you should approach the company director and secretary or managing agents (where applicable) for this at the earliest opportunity.

    • In relation to leasehold conveyancing in Tickton what are the most frequent lease problems?

    Leasehold conveyancing in Tickton is not unique. Most leases are unique and drafting errors can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements of the premises
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You will encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Coventry Building Society, and TSB all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the purchaser to pull out.

    I purchased a basement flat in Tickton, conveyancing having been completed 1996. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Tickton with a long lease are worth £217,000. The ground rent is £45 levied per year. The lease comes to an end on 21st October 2098

    With only 74 years remaining on your lease we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Tickton