Fixed-fee leasehold conveyancing in Witham:

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Questions and Answers: Witham leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Witham. Before diving in I want to be sure as to the number of years remaining on the lease.

If the lease is registered - and most are in Witham - then the leasehold title will always include the short particulars 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 am intending to rent out my leasehold flat in Witham. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?

Your lease dictates the relationship between the freeholder and you the leaseholder; specifically, it will indicate if subletting is prohibited, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Witham do not contain an absolute prevention of subletting – such a provision would undoubtedly devalue the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.

I am employed by a busy estate agency in Witham where we see a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local Witham conveyancing firms. Please can you shed some light as to whether the vendor of a flat can start 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 start the lease extension process and assign the benefit of the notice to the purchaser. This means 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 has to be done prior to, or at the same time as completion of the disposal of the property.

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.

Do you have any top tips for leasehold conveyancing in Witham from the point of view of saving time on the sale process?

  • Much of the delay in leasehold conveyancing in Witham can be avoided if you appoint lawyers the minute your agents start marketing the property and ask them to collate the leasehold information which will be required by the purchasers’ lawyers.
  • The majority landlords or Management Companies in Witham levy fees for providing management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Witham.
  • If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you installed wooden flooring? Witham leases often stipulate that internal structural alterations or laying down wooden flooring calls for a licence issued by the Landlord acquiescing to such works. Should you dont have the paperwork to hand do not contact the landlord without contacting your solicitor before hand.
  • Some Witham leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the yearly 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 have the original share document. Obtaining a new share certificate can be a time consuming process and frustrates many a Witham conveyancing deal. Where a duplicate share certificate is needed, you should approach the company director and secretary or managing agents (where applicable) for this sooner rather than later.

    • We expect to complete the sale of our £150000 flat in Witham in just under a week. The landlords agents has quoted £348 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Witham?

    Witham conveyancing on leasehold maisonettes more often than not requires the buyer’s lawyer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to such questions most will be content to assist. They are at liberty charge a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some cases it is above £800. The administration charge required by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration fees, without which the charge is not strictly payable. Reality however dictates that you have no option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.

    Witham Leasehold Conveyancing - Sample of Queries before Purchasing

      Does the lease have onerous restrictions? Is anyone aware of any major works on the horizon that will likely increase the service costs? Where a Witham lease has less than 80 years it will affect the marketability of the property. It is worth checking with your lender that they are willing to go ahead with the loan given the lease term. A short lease means that you will most likely require a lease extension sooner rather than later and you need to have some idea of what this would cost. For most Withamlease extensions you would need to own the property for 24 months in order to be eligible to exercise a lease extension.

    Other Topics

    Lease Extensions in Witham