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While any conveyancing solicitor can theoretically handle your leasehold conveyancing in Arlesey, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Top Five Questions relating to Arlesey leasehold conveyancing

I am in need of some leasehold conveyancing in Arlesey. Before I get started I want to be sure as to the remaining lease term.

If the lease is recorded at the land registry - and 99.9% are in Arlesey - 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.

Frank (my husband) and I may need to let out our Arlesey garden flat temporarily due to a new job. We used a Arlesey conveyancing practice in 2003 but they have since shut and we did not have the foresight to get any guidance as to whether the lease permits subletting. How do we find out?

Notwithstanding that your last Arlesey conveyancing solicitor is not available you can review your lease to see if you are permitted to let out the premises. The rule is that if the lease is non-specific, subletting is permitted. Quite often there is a prerequisite that you must obtain permission via your landlord or some other party before subletting. The net result is that you cannot sublet in the absence of first obtaining permission. The consent is not allowed to be unreasonably turned down. If your lease prohibits you from letting out the property you will need to ask your landlord for their consent.

Can you provide any advice for leasehold conveyancing in Arlesey from the perspective of saving time on the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Arlesey can be reduced where you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ representatives.
  • Many freeholders or managing agents in Arlesey charge for providing management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management pack sought 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 usual cause of frustration in leasehold conveyancing in Arlesey.
  • A minority of Arlesey leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet the annual 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 lawyers.
  • If you have had conflict with your freeholder or managing agents it is essential that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. 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 ongoing.
  • You may think that you are aware of the number of years left on your lease but you should double-check via your conveyancers. A buyer’s lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is less than 75 years. In the circumstances it is essential at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £475000 flat in Arlesey next week. The managing agents has quoted £420 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Arlesey?

    Arlesey conveyancing on leasehold apartments more often than not involves the purchaser’s solicitor submitting questions for the landlord to answer. Although the landlord is under no legal obligation to respond to such questions the majority will be content to do so. They may invoice a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some cases it is above £800. The management information fee invoiced by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration charges, otherwise the invoice is technically not due. Reality however dictates that you have no choice but to pay whatever is requested of you should you wish to sell the property.

    What makes a Arlesey lease unacceptable for security purposes?

    Leasehold conveyancing in Arlesey is not unique. All leases are individual and legal mistakes in the legal wording can result in certain clauses are wrong. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements 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 will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Leeds Building Society, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the purchaser to pull out.

    I acquired a 1st floor flat in Arlesey, conveyancing having been completed in 2009. How much will my lease extension cost? Equivalent flats in Arlesey with over 90 years remaining are worth £216,000. The ground rent is £55 per annum. The lease runs out on 21st October 2105

    With just 80 years left to run the likely cost is going to be between £9,500 and £11,000 plus costs.

    The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you want to 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.

    Other Topics

    Lease Extensions in Arlesey