Guaranteed fixed fees for Leasehold Conveyancing in Howden

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Frequently asked questions relating to Howden leasehold conveyancing

I am hoping to exchange soon on a ground floor flat in Howden. Conveyancing lawyers inform me that they will have a report out to me next week. What should I be looking out for?

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

  • The physical extent of the demise. This will be the flat itself but may include a roof space or basement if appropriate.
  • You should be told what constitutes a Nuisance in the lease
  • Repair and maintenance of the flat
  • 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
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • What you can do if a neighbour breach a clause of their lease? For a comprehensive list of information to be contained in your report on your leasehold property in Howden please ask your solicitor in advance of your conveyancing in Howden

    • I've found a house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have since discovered that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Howden. Conveyancing advisers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Howden ?

    The majority of houses in Howden are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Howden in which case you should be shopping around for a Howden conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep 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 maisonettes in Howden both have approximately 50 years unexpired on the leases. Do I need to be concerned?

    There are no two ways about it. A leasehold apartment in Howden is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most buyers and banks, leases with less than eighty years become less and less marketable. On a more upbeat 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 property 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 Howden conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 work for a long established estate agency in Howden where we have experienced a number of flat sales jeopardised as a result of short leases. I have received contradictory information from local Howden conveyancing firms. Please can you confirm whether the seller of a flat can start the lease extension formalities for the buyer?

    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 need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.

    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 buyer.

    Do you have any top tips for leasehold conveyancing in Howden from the point of view of saving time on the sale process?

    • Much of the delay in leasehold conveyancing in Howden can be avoided where you instruct lawyers the minute you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ lawyers.
    • In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Most leases in Howden state that internal structural changes or installing wooden flooring calls for a licence issued by the Landlord consenting to such works. Should you fail to have the consents to hand you should not communicate with the landlord without checking with your lawyer in advance.
  • Some Howden leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are 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 purchasers or their solicitors.
  • If you are supposed to have a share in the Management Company, you should make sure that you have the original share certificate. Organising a new share certificate can be a lengthy process and slows down many a Howden conveyancing transaction. If a new share certificate is necessary, do contact the company director and secretary or managing agents (if relevant) for this as soon as possible.
  • You may think that you are aware of the number of years remaining on your lease but you should double-check via your lawyers. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. It is therefore important at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • I purchased a split level flat in Howden, conveyancing having been completed 2011. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Howden with over 90 years remaining are worth £249,000. The average or mid-range amount of ground rent is £55 per annum. The lease terminates on 21st October 2081

    With 56 years unexpired the likely cost is going to be between £32,300 and £37,400 plus costs.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Howden