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

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When it comes to leasehold conveyancing in Warsash, you will need to instruct a conveyancing practitioner with leasehold experience. Whether your mortgage company is to be Santander, Yorkshire Building Society or Nationwide make sure you find a lawyer on their panel. Feel free to use our search tool

Recently asked questions relating to Warsash leasehold conveyancing

I am in need of some leasehold conveyancing in Warsash. Before diving in I require certainty as to the remaining lease term.

If the lease is registered - and almost all are in Warsash - 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.

Having checked my lease I have discovered that there are only 72 years remaining on my flat in Warsash. I am keen to extend my lease but my landlord is absent. What are my options?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. However, you will be required to demonstrate that you or your lawyers have made all reasonable attempts to track down the landlord. In some cases an enquiry agent would be helpful to conduct investigations and prepare a report to be accepted by the court as evidence that the landlord can not be located. It is wise to seek advice from a conveyancer in relation to devolving into the landlord’s absence and the vesting order request to the County Court overseeing Warsash.

I am tempted by the attractive purchase price for a couple of maisonettes in Warsash which have in the region of fifty years left on the lease term. Will this present a problem?

There are plenty of short leases in Warsash. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the value of the lease deteriorate and it becomes 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 companies less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this arena

I work for a long established estate agent office in Warsash where we see a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have received contradictory information from local Warsash conveyancing solicitors. Could you clarify whether the owner of a flat can commence the lease extension process 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with 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 buyer.

Can you provide any advice for leasehold conveyancing in Warsash with the aim of expediting the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Warsash can be avoided if you instruct lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information needed by the buyers solicitors.
  • The majority freeholders or managing agents in Warsash levy fees for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Warsash.
  • If you have carried out any alterations to the residence would they have required Landlord’s consent? In particular have you installed wooden flooring? Warsash leases often stipulate that internal structural changes or addition of wooden flooring necessitate a licence from the Landlord consenting to such changes. Where you fail to have the paperwork in place do not communicate with the landlord without contacting your solicitor in advance.
  • If you hold a share in a the freehold, you should ensure that you are holding the original share document. Arranging a new share certificate is often a lengthy process and frustrates many a Warsash conveyancing deal. Where a reissued share certificate is needed, you should approach 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 solicitors. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is under 80 years. In the circumstances it is essential at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • I own a studio flat in Warsash, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar flats in Warsash with over 90 years remaining are worth £250,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease comes to an end on 21st October 2081

    With just 56 years remaining on your lease the likely cost is going to span between £27,600 and £31,800 as well as plus your own and the landlord's "reasonable" professional fees.

    The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Warsash