Guaranteed fixed fees for Leasehold Conveyancing in Yaxley

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Yaxley leasehold conveyancing: Q and A’s

I am in need of some leasehold conveyancing in Yaxley. Before I set the wheels in motion I require certainty as to the remaining lease term.

Assuming the lease is registered - and 99.9% are in Yaxley - 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.

Estate agents have just been given the go-ahead to market my garden flat in Yaxley.Conveyancing is yet to be initiated but I have just received a yearly service charge demand – what should I do?

The sensible thing to do is pay the service charge 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 until 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. Having a clear account will assist your cause and will leave you no worse off financially.

Back In 2000, I bought a leasehold flat in Yaxley. Conveyancing and Barnsley Building Society mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Yaxley who previously acted has long since retired.Do I pay?

The first thing you should do is make enquiries of HMLR to make sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. There is no need to instruct a Yaxley conveyancing solicitor to do this as it can be done on-line for £3. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am a negotiator for a long established estate agency in Yaxley where we have experienced a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Yaxley conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can commence the lease extension formalities for the buyer?

As long as the seller has owned the lease 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 buyer 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.

An alternative approach is 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 Yaxley with the purpose of expediting the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Yaxley can be reduced if you appoint 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 purchasers’ solicitors.
  • Many freeholders or managing agents in Yaxley levy fees for supplying management packs for a leasehold property. You or your lawyers should find out 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 usual reason for frustration in leasehold conveyancing in Yaxley.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Yaxley state that internal structural changes or installing wooden flooring calls for a licence issued by the Landlord consenting to such changes. Should you dont have the consents in place do not contact the landlord without contacting your lawyer before hand.
  • If there is a history of conflict with your landlord or managing agents it is very important that these are resolved before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is an ongoing 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 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 are supposed to have a share in the Management Company, you should make sure that you are holding the original share certificate. Arranging a replacement share certificate is often a lengthy process and frustrates many a Yaxley home move. Where a new share is necessary, you should approach the company director and secretary or managing agents (if relevant) for this sooner rather than later.

  • Yaxley Conveyancing for Leasehold Flats - Sample of Queries before Purchasing

      The best form of lease arrangement is a share of the freehold. In this situation the lessees have control and even though a managing agent is usually retained if it is larger than a house conversion, the managing agent acts for the leaseholders themselves. Does the lease contain onerous restrictions? Who manages the block?

    Other Topics

    Lease Extensions in Yaxley