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

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Leasehold conveyancing in Yarmouth is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Yarmouth and next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Common questions relating to Yarmouth leasehold conveyancing

I am on look out for some leasehold conveyancing in Yarmouth. Before I get started I would like to find out the unexpired term of the lease.

If the lease is registered - and 99.9% are in Yarmouth - 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.

Back In 2009, I bought a leasehold flat in Yarmouth. Conveyancing and Coventry Building Society mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Yarmouth who previously acted has now retired.What should I do?

The first thing you should do is make enquiries of the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. There is no need to instruct a Yarmouth conveyancing firm to do this as it can be done on-line for £3. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am attracted to a two maisonettes in Yarmouth both have approximately 50 years unexpired on the leases. Will this present a problem?

There are no two ways about it. A leasehold apartment in Yarmouth is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the marketability of the premises. The majority of buyers and mortgage companies, leases with less than 75 years become less and less marketable. On a more upbeat 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 a residence 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 Yarmouth 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.

Can you offer any advice when it comes to appointing a Yarmouth conveyancing practice to carry out our lease extension conveyancing?

When appointing a solicitor for your lease extension (regardless if they are a Yarmouth conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Yarmouth conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:

  • What volume of lease extensions have they completed in Yarmouth in the last 12 months?
  • Can they put you in touch with client in Yarmouth who can give a testimonial?

    • Do you have any top tips for leasehold conveyancing in Yarmouth with the aim of saving time on the sale process?

    • Much of the frustration in leasehold conveyancing in Yarmouth can be bypassed where you appoint lawyers as soon as your agents start marketing the property and ask them to collate the leasehold documentation needed by the buyers lawyers.
    • Many freeholders or Management Companies in Yarmouth charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Yarmouth.
  • A minority of Yarmouth leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is 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 service charge figures so that they can pass this information on to the purchasers or their lawyers.
  • If there is a history of any disputes with your landlord or managing agents it is very important that these are settled before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may need to swallow your pride 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 prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over rather than ongoing.
  • If you have the benefit of shareholding in the freehold, you should make sure that you have the original share document. Obtaining a duplicate share certificate is often a time consuming formality and slows down many a Yarmouth home move. If a new share is needed, you should approach the company director and secretary or managing agents (where applicable) for this at the earliest opportunity.

    • I acquired a 1st floor flat in Yarmouth, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Yarmouth with over 90 years remaining are worth £267,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease ends on 21st October 2092

    With only 67 years unexpired we estimate the premium for your lease extension to be between £14,300 and £16,400 as well as legals.

    The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Yarmouth