I am on look out for some leasehold conveyancing in Valley. Before diving in I want to be sure as to the unexpired term of the lease.

If the lease is recorded at the land registry - and most are in Valley - then the leasehold title will always include the basic details 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 be perfect, at a great price which is making it more attractive. I have subsequently discovered that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Valley. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Valley ?

Most houses in Valley are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Valley so you should seriously consider shopping around for a Valley conveyancing solicitor and check 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 to the property. The lease comes with conditions for example obtaining the landlord’spermission to conduct changes to the property. You may also be required to pay a service charge towards the upkeep of the estate where the property is part of an estate. Your lawyer should report to you on the legal implications.

I am attracted to a couple of apartments in Valley which have approximately forty five years left on the leases. Will this present a problem?

There are plenty of short leases in Valley. The 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 reduces and results in it becoming more costly to acquire a lease extension. This is why it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this arena

I am a negotiator for a reputable estate agency in Valley where we see a number of flat sales derailed due to short leases. I have been given conflicting advice from local Valley conveyancing solicitors. Can you shed some light as to whether the owner of a flat can initiate the lease extension formalities for the buyer?

Provided that 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. The benefit of this is 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 before, or simultaneously with completion of the sale.

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.

All being well we will complete the disposal of our £200000 maisonette in Valley in just under a week. The management company has quoted £324 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Valley?

Valley conveyancing on leasehold flats normally requires the purchaser’s lawyer submitting questions for the landlord to address. Although the landlord is not legally bound to answer these enquiries most will be willing to do so. They may invoice a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is £350, in some transactions it exceeds £800. The administration charge invoiced by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration fees, without which the invoice is technically not due. Reality however dictates that you have little option but to pay whatever is requested of you if you want to complete the sale of your home.

Valley Leasehold Conveyancing - Examples of Queries Prior to Purchasing

What is the yearly service fee and ground rent? What restrictions are contained in the Valley Lease? Are any of leasehold owners in dispute over their service charge liability?

Other Topics

Lease Extensions in Valley