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

Get a Quote

Looking for a solicitor for leasehold conveyancing in Willingham on your lender’s panel? Make use of our search tool to find quality local Willingham conveyancing lawyers or nationwide solicitors on your lender’s panel .

Examples of recent questions relating to leasehold conveyancing in Willingham

Looking forward to sign contracts shortly on a studio apartment in Willingham. Conveyancing lawyers assured me that they report fully on Monday. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Willingham should include some of the following:

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Are pets allowed in the flat?
  • You should have a good understanding of the insurance provisions
  • Repair and maintenance of the flat
  • Responsibility for repairing the window frames
  • What options are open to you if a neighbour is in violation of a provision in their lease?
  • What the implications are if you breach a clause of your lease? For details of the information to be included in your report on your leasehold property in Willingham please ask your lawyer in ahead of your conveyancing in Willingham

    • I am tempted by the attractive purchase price for a couple of apartments in Willingham which have approximately 50 years remaining on the leases. Should I regard a short lease as a deal breaker?

    There is no doubt about it. A leasehold flat in Willingham is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the value of the premises. The majority of purchasers and mortgage companies, leases with less than eighty years become less and less attractive. 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 premises 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 property 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 Willingham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.

    What advice can you give us when it comes to choosing a Willingham conveyancing firm to carry out our lease extension conveyancing?

    If you are instructing a property lawyer for lease extension works (regardless if they are a Willingham conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Willingham conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:

    • How experienced is the practice with lease extension legislation?
  • If they are not ALEP accredited then what is the reason?

    • Do you have any top tips for leasehold conveyancing in Willingham with the purpose of speeding up the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Willingham can be avoided if you instruct lawyers as soon as you market your property and request that they start to put together the leasehold documentation which will be required by the buyers lawyers.
    • Many landlords or Management Companies in Willingham charge for providing management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Willingham.
  • If you have carried out any alterations to the property would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Willingham state that internal structural alterations or addition of wooden flooring require a licence from the Landlord acquiescing to such works. If you dont have the approvals to hand do not communicate with the landlord without checking with your solicitor in advance.
  • If there is a history of any disputes with your landlord or managing agents it is very important that these are settled prior to the flat being marketed. The purchasers and their solicitors will be warry about purchasing a flat where a dispute is unresolved. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic rather than unresolved.
  • If you have the benefit of shareholding in the freehold, you should ensure that you have the original share document. Obtaining a new share certificate is often a lengthy process and frustrates many a Willingham conveyancing transaction. If a new share is necessary, do contact the company director and secretary or managing agents (if relevant) for this at the earliest opportunity.

    • All being well we will complete our sale of a £325000 maisonette in Willingham next week. The management company has quoted £336 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Willingham?

    Willingham conveyancing on leasehold flats usually involves the purchaser’s lawyer sending questions for the landlord to answer. Although the landlord is not legally bound to respond to these enquiries most will be willing to assist. They are at liberty charge a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some cases it is above £800. The management information fee required by the landlord must be accompanied by a summary of rights and obligations in relation to administration charges, otherwise the invoice is not strictly payable. In reality one has no choice but to pay whatever is demanded if you want to exchange contracts with the buyer.

    Leasehold Conveyancing in Willingham - Sample of Queries before buying

      It is important to be aware whether window replacement or some other significant cost is coming up that will be shared amongst the leasehold owners and will dramatically increase the the maintenance fees or require a one off payment. The best form of lease structure is a share of the freehold. In this scenario the leaseholders have control and although a managing agent is usually employed where the building is bigger than a house conversion, the managing agent is directed by the tenants. Who manages the building?

    Other Topics

    Lease Extensions in Willingham