Recently asked questions relating to Witham leasehold conveyancing
I am on look out for some leasehold conveyancing in Witham. Before I set the wheels in motion I want to be sure as to the remaining lease term.
If the lease is registered - and most are in Witham - 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 tick a lot of boxes, at a great figure which is making it all the more appealing. I have just discovered that the title is leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Witham. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Witham ?
The majority of houses in Witham are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Witham so you should seriously consider looking for a Witham conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’sconsent to conduct changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your solicitor should advise you fully on all the issues.
I am employed by a busy estate agency in Witham where we have witnessed a number of leasehold sales jeopardised 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 seller of a flat can commence the lease extension formalities for the buyer?
As long as 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. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
An alternative approach is 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.
Can you provide any top tips for leasehold conveyancing in Witham with the aim of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Witham can be bypassed where you appoint lawyers the minute your agents start advertising the property and ask them to collate the leasehold information which will be required by the buyers solicitors.
- In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Witham state that internal structural alterations or addition of wooden flooring necessitate a licence issued by the Landlord acquiescing to such changes. Should you fail to have the approvals in place do not communicate with the landlord without checking with your conveyancer before hand.
All being well we will complete the sale of our £475000 apartment in Witham next Friday . The management company has quoted £372 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Witham?
For the majority of leasehold sales in Witham conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering pre-contract questions
- Where consent is required before sale in Witham
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I inherited a studio flat in Witham, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Witham with over 90 years remaining are worth £260,000. The average or mid-range amount of ground rent is £60 charged once a year. The lease ceases on 21st October 2079
With 58 years remaining on your lease we estimate the price of your lease extension to span between £25,700 and £29,600 plus costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.