Guaranteed fixed fees for Leasehold Conveyancing in Deeside

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

Common questions relating to Deeside leasehold conveyancing

Looking forward to complete next month on a studio apartment in Deeside. Conveyancing solicitors inform me that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Deeside should include some of the following:

  • How long the lease is You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • Will you be prohibited or prevented from having pets in the property?
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • Whether your lease has a provision for a reserve fund?
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • What you can do if a neighbour is in violation of a provision in their lease? For a comprehensive list of information to be included in your report on your leasehold property in Deeside please enquire of your lawyer in advance of your conveyancing in Deeside

    • I am tempted by the attractive purchase price for a two maisonettes in Deeside both have approximately forty five years unexpired on the leases. Will this present a problem?

    There is no doubt about it. A leasehold flat in Deeside is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. For most buyers and lenders, leases with under eighty years become less and less attractive. On a more positive 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 Deeside 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.

    I am a negotiator for a busy estate agent office in Deeside where we have experienced a few flat sales derailed due to short leases. I have received inconsistent advice from local Deeside conveyancing solicitors. Can you shed some light as to whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?

    As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence 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 before, or simultaneously with completion of the disposal of the property.

    Alternatively, it may be possible 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 buyer.

    Can you offer any advice when it comes to appointing a Deeside conveyancing practice to deal with our lease extension?

    If you are instructing a solicitor for your lease extension (regardless if they are a Deeside conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Deeside conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:

    • How experienced is the firm with lease extension legislation?
  • What are the costs for lease extension work?

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

    • Much of the frustration in leasehold conveyancing in Deeside can be reduced if you instruct lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the purchasers’ conveyancers.
    • Many freeholders or managing agents in Deeside charge for supplying management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management information sought as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Deeside.
  • If you have carried out any alterations to the premises would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Deeside state that internal structural alterations or addition of wooden flooring require a licence from the Landlord consenting to such alterations. Should you dont have the paperwork to hand do not communicate with the landlord without checking with your conveyancer first.
  • A minority of Deeside leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are 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 buyers or their lawyers.
  • If you have had conflict with your freeholder or managing agents it is very important that these are settled prior to the flat being marketed. The buyers and their solicitors will be concerned about purchasing a property where there is an ongoing dispute. You may have to bite the bullet 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 will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over rather than unresolved.

    • I own a basement flat in Deeside, conveyancing was carried out 6 years ago. How much will my lease extension cost? Corresponding flats in Deeside with over 90 years remaining are worth £216,000. The ground rent is £50 invoiced annually. The lease expires on 21st October 2074

    With only 50 years unexpired we estimate the premium for your lease extension to range between £39,000 and £45,000 as well as legals.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Deeside