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

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Leasehold conveyancing in Marks Gate is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Marks Gate and across next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Common questions relating to Marks Gate leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Marks Gate. Before diving in I require certainty as to the unexpired term of the lease.

If the lease is registered - and almost all are in Marks Gate - 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 work for a long established estate agency in Marks Gate where we have witnessed a number of leasehold sales derailed due to short leases. I have received conflicting advice from local Marks Gate conveyancing solicitors. Could you confirm whether the seller of a flat can start 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 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 disposal of the property.

Alternatively, it may be possible 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 Marks Gate conveyancing practice to deal with our lease extension?

If you are instructing a solicitor for lease extension works (regardless if they are a Marks Gate conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Marks Gate conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

  • How experienced is the firm with lease extension legislation?
  • What are the charges for lease extension conveyancing?

    • Can you provide any top tips for leasehold conveyancing in Marks Gate from the point of view of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Marks Gate can be reduced if you appoint lawyers the minute your agents start advertising the property and ask them to put together the leasehold information needed by the purchasers’ lawyers.
    • The majority landlords or Management Companies in Marks Gate levy fees for supplying management packs for a leasehold property. 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 accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Marks Gate.
  • A minority of Marks Gate leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The 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 service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If there is a history of conflict with your freeholder or managing agents it is very important that these are resolved before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is unresolved. You may need to swallow your pride and discharge 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 particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic as opposed to unresolved.
  • You believe that you know the number of years remaining on your lease but it would be advisable double-check by asking your lawyers. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the lease term is less than 80 years. In the circumstances it is essential 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 premises on the market for sale.

    • My wife and I have hit a brick wall in trying to reach an agreement for a lease extension in Marks Gate. Can this matter be resolved via the Leasehold Valuation Tribunal?

    in cases where there is a absentee landlord or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to make a decision on the price.

    An example of a Lease Extension case for a Marks Gate property is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case was in relation to 1 flat. The unexpired lease term was 61.36 years.

    What makes a Marks Gate lease unacceptable for security purposes?

    Leasehold conveyancing in Marks Gate is not unique. All leases is drafted differently and drafting errors can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain elements of the property
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You could encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Skipton Building Society, and TSB all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to pull out.

    Other Topics

    Lease Extensions in Marks Gate