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Recently asked questions relating to Umberleigh leasehold conveyancing

Looking forward to complete next month on a ground floor flat in Umberleigh. Conveyancing lawyers assured me that they report fully on Monday. What should I be looking out for?

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

  • How long the lease is You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • The physical extent of the property. This will be the apartment itself but may include a loft or basement if appropriate.
  • Will you be prohibited or prevented from having pets in the property?
  • You should be told what constitutes a Nuisance in the lease
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
  • What you can do if a neighbour breach a clause of their lease? For details of the information to be contained in your report on your leasehold property in Umberleigh please ask your solicitor in ahead of your conveyancing in Umberleigh

    • I've found a house that seems to be perfect, at a great price which is making it more attractive. I have since found out that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Umberleigh. Conveyancing lawyers have not yet been instructed. Will they explain the issues?

    The majority of houses in Umberleigh are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Umberleigh in which case you should be looking for a Umberleigh conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’spermission to carry out alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is located on an estate. Your conveyancer should advise you fully on all the issues.

    I am attracted to a couple of flats in Umberleigh both have about fifty years remaining on the leases. should I be concerned?

    There are plenty of short leases in Umberleigh. The lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the value of the lease reduces and it becomes more expensive to acquire a lease extension. This is why it is advisable to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We advise that you seek professional help from a conveyancer and surveyor with experience in this arena

    I work for a reputable estate agent office in Umberleigh where we have experienced a few flat sales jeopardised as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Umberleigh conveyancing solicitors. Please can you confirm whether the seller 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. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed 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.

    Can you provide any advice for leasehold conveyancing in Umberleigh from the perspective of expediting the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Umberleigh can be reduced if you get in touch lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the purchasers’ conveyancers.
    • The majority landlords or managing agents in Umberleigh charge for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Umberleigh.
  • A minority of Umberleigh leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet 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 hold a share in a the freehold, you should ensure that you are holding the original share certificate. Arranging a duplicate share certificate is often a lengthy process and frustrates many a Umberleigh conveyancing deal. Where a new share certificate is required, you should approach the company officers or managing agents (where relevant) for this at the earliest opportunity.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check via your lawyers. A purchaser's conveyancer will not be happy to advise their client to where the remaining number of years is less than 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • I acquired a leasehold flat in Umberleigh, conveyancing was carried out in 2006. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Umberleigh with over 90 years remaining are worth £181,000. The average or mid-range amount of ground rent is £50 yearly. The lease ends on 21st October 2079

    With only 54 years left to run we estimate the price of your lease extension to range between £26,600 and £30,800 as well as professional fees.

    The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Umberleigh