Guaranteed fixed fees for Leasehold Conveyancing in Danbury

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Recently asked questions relating to Danbury leasehold conveyancing

I am in need of some leasehold conveyancing in Danbury. Before diving in I would like to find out the remaining lease term.

Assuming the lease is recorded at the land registry - and 99.9% are in Danbury - 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.

I am attracted to a couple of maisonettes in Danbury both have about 50 years left on the leases. should I be concerned?

A lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease gets shorter the marketability of the lease deteriorate and it becomes more expensive to extend the lease. This is why it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this field

I am employed by a reputable estate agency in Danbury where we have witnessed a few flat sales put at risk as a result of short leases. I have been given inconsistent advice from local Danbury conveyancing solicitors. Could you shed some light as to whether the seller of a flat can initiate the lease extension process for the purchaser on completion of the sale?

Provided that the seller has been the owner 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. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.

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.

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

When appointing a conveyancer for lease extension works (regardless if they are a Danbury conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Danbury conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:

  • If they are not ALEP accredited then what is the reason?
  • What volume of lease extensions has the firm carried out in Danbury in the last year?

    • Can you provide any advice for leasehold conveyancing in Danbury with the aim of expediting the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Danbury can be reduced if you instruct lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation needed by the purchasers’ representatives.
    • In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Danbury leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence issued by the Landlord approving such alterations. If you dont have the consents in place you should not communicate with the landlord without checking with your lawyer in the first instance.
  • If you have had conflict with your landlord or managing agents it is essential that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of 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 present the dispute as historic as opposed to unresolved.
  • If you have the benefit of shareholding in the freehold, you should ensure that you are holding the original share document. Organising a replacement share certificate is often a lengthy formality and slows down many a Danbury home move. If a reissued share is necessary, do contact the company officers or managing agents (where relevant) for this as soon as possible.
  • You believe that you know the number of years remaining on your lease but it would be wise to double-check by asking your lawyers. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the lease term is under 75 years. It is therefore essential at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • I purchased a 1st floor flat in Danbury, conveyancing having been completed 2008. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Danbury with an extended lease are worth £176,000. The ground rent is £55 yearly. The lease comes to an end on 21st October 2101

    With only 77 years unexpired we estimate the premium for your lease extension to be between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.

    The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be other concerns 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 getting professional advice.

    Other Topics

    Lease Extensions in Danbury