Experts for Leasehold Conveyancing in Yeovil

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Any conveyancing solicitor can theoretically handle your leasehold conveyancing in Yeovil, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Common questions relating to Yeovil leasehold conveyancing

I only have Seventy years left on my lease in Yeovil. I need to extend my lease but my freeholder is can not be found. What are my options?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. However, you will be required to prove that you or your lawyers have used your best endeavours to locate the lessor. For most situations an enquiry agent may be helpful to conduct investigations and to produce a report which can be accepted by the court as evidence that the freeholder is indeed missing. It is wise to seek advice from a property lawyer in relation to proving the landlord’s absence and the vesting order request to the County Court covering Yeovil.

My wife and I purchased a leasehold house in Yeovil. Conveyancing and Birmingham Midshires mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1991. The conveyancing solicitor in Yeovil who acted for me is not around.Do I pay?

First contact the Land Registry to make sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Yeovil conveyancing practitioner to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the rightful landlord, 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 agent office in Yeovil where we have witnessed a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Yeovil conveyancing firms. Could you confirm whether the seller of a flat can initiate the lease extension process for the purchaser on completion of the sale?

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. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, 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.

Do you have any top tips for leasehold conveyancing in Yeovil from the point of view of expediting the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Yeovil can be avoided where you get in touch lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information needed by the purchasers’ solicitors.
  • The majority landlords or Management Companies in Yeovil levy fees for providing management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Yeovil.
  • If you have carried out any alterations to the residence would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Yeovil state that internal structural changes or installing wooden flooring calls for a licence from the Landlord acquiescing to such changes. Should you dont have the paperwork to hand you should not communicate with the landlord without checking with your solicitor first.
  • A minority of Yeovil 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 obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet 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 buyers or their solicitors.
  • You believe that you know the number of years remaining on your lease but it would be wise to double-check via your solicitors. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the lease term is below 80 years. It is therefore important at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • When it comes to leasehold conveyancing in Yeovil what are the most frequent lease problems?

    There is nothing unique about leasehold conveyancing in Yeovil. Most leases are unique and drafting errors can result in certain provisions are missing. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the building
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Virgin Money, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to withdraw.

    I purchased a ground floor flat in Yeovil, conveyancing formalities finalised 2002. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Yeovil with over 90 years remaining are worth £240,000. The ground rent is £65 invoiced every year. The lease terminates on 21st October 2103

    With 78 years left to run we estimate the price of your lease extension to range between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Yeovil