Leasehold Conveyancing in Dymock - Get a Quote from the leasehold experts approved by your lender

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When it comes to leasehold conveyancing in Dymock, you will need to chose a conveyancing practitioner with leasehold experience. Whether your lender is to be Santander, Yorkshire Building Society or NatWest be sure to choose a lawyer on their approved list. Find a Dymock conveyancing lawyer with our search tool

Dymock leasehold conveyancing: Q and A’s

I am in need of some leasehold conveyancing in Dymock. Before diving in I require certainty as to the number of years remaining on the lease.

If the lease is registered - and most are in Dymock - 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.

I've found a house that seems to be perfect, at a reasonable price which is making it more attractive. I have subsequently found out that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Dymock. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Dymock ?

The majority of houses in Dymock are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Dymock in which case you should be looking for a Dymock conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’spermission to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the property is located on an estate. Your lawyer should appraise you on the various issues.

I am tempted by the attractive purchase price for a two flats in Dymock both have in the region of fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Dymock. The lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the marketability of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is advisable to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this arena

I am a negotiator for a busy estate agent office in Dymock where we see a number of leasehold sales put at risk as a result of short leases. I have received contradictory information from local Dymock conveyancing firms. Please can you shed some light as to whether the seller of a flat can instigate the lease extension process for the buyer?

Provided that 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. 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 at the same time as 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.

Can you provide any top tips for leasehold conveyancing in Dymock with the aim of saving time on the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Dymock can be reduced where you instruct lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold documentation which will be required by the purchasers’ conveyancers.
  • If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Dymock state that internal structural changes or addition of wooden flooring require a licence issued by the Landlord consenting to such works. If you fail to have the approvals to hand you should not communicate with the landlord without contacting your lawyer first.
  • A minority of Dymock leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand 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 service charge figures so that they can pass this information on to the purchasers or their lawyers.
  • If there is a history of any disputes with your freeholder or managing agents it is very important that these are settled before the property is put on the market. The buyers and their solicitors will be nervous about purchasing a flat 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 ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic as opposed to unresolved.
  • You may think that you are aware of the number of years remaining on your lease but you should double-check via your solicitors. A buyer’s lawyer will be unlikely to recommend their client to where the lease term is less than 80 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • Dymock Conveyancing for Leasehold Flats - Examples of Questions you should ask Prior to buying

      Make sure you enquire if there are any onerous prohibitions in the lease. By way of example plenty of leases prohibit pets being allowed in certain buildings in Dymock. If you love the flatin Dymock however your dog can’t move with you then you have a very hard decision. How many of the leaseholders are in arrears for their service charge payments? What is the name of the managing agents?

    Other Topics

    Lease Extensions in Dymock