Fixed-fee leasehold conveyancing in Westcliff On Sea:

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Common questions relating to Westcliff On Sea leasehold conveyancing

Estate agents have just been given the go-ahead to market my 2 bed flat in Westcliff On Sea.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly service charge invoice – should I leave it to the buyer to sort out?

It best that you discharge the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have subsequently found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Westcliff On Sea. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?

The majority of houses in Westcliff On Sea are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Westcliff On Sea in which case you should be shopping around for a Westcliff On Sea conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’spermission to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your solicitor should advise you fully on all the issues.

I am looking at a two flats in Westcliff On Sea both have in the region of fifty years left on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Westcliff On Sea is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the premises. The majority of purchasers and banks, leases with less than eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Westcliff On Sea conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I am a negotiator for a busy estate agent office in Westcliff On Sea 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 contradictory information from local Westcliff On Sea conveyancing firms. Could you clarify whether the vendor of a flat can commence the lease extension formalities for the purchaser on completion of the sale?

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. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.

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 purchaser.

Can you provide any advice for leasehold conveyancing in Westcliff On Sea from the point of view of speeding up the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Westcliff On Sea can be reduced where you instruct lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation which will be required by the buyers lawyers.
  • The majority freeholders or Management Companies in Westcliff On Sea charge for providing management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Westcliff On Sea.
  • If you have carried out any alterations to the property would they have required Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Westcliff On Sea state that internal structural changes or laying down wooden flooring necessitate a licence issued by the Landlord acquiescing to such changes. Should you fail to have the approvals in place you should not contact the landlord without checking with your lawyer before hand.
  • Some Westcliff On Sea leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents 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 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 are supposed to have a share in the freehold, you should ensure that you hold the original share certificate. Arranging a replacement share certificate can be a lengthy process and slows down many a Westcliff On Sea home move. If a reissued share is required, do contact the company officers or managing agents (if applicable) for this at the earliest opportunity.

    • Westcliff On Sea Conveyancing for Leasehold Flats - Examples of Queries before buying

      For most Westcliff On Sea leaseholds the outlay for major works are not included within service charges, although there some managing agents in Westcliff On Sea ask leaseholders to contribute towards a reserve fund created for the specific purpose of establishing a fund for major works. Are there any major works on the horizon that will add a premium to the maintenance fees? Who takes responsibility for maintaining and repairing the building?

    Other Topics

    Lease Extensions in Westcliff On Sea