Leasehold Conveyancing in Nag's Head - Get a Quote from the leasehold experts approved by your lender

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Recently asked questions relating to Nag's Head leasehold conveyancing

My wife and I purchased a leasehold house in Nag's Head. Conveyancing and Alliance & Leicester mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing practitioner in Nag's Head who previously acted has now retired.Do I pay?

First make enquiries of HMLR to make sure that the individual purporting to own the freehold is in fact the new freeholder. You do not need to incur the fees of a Nag's Head conveyancing practitioner to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I work for a long established estate agency in Nag's Head where we have experienced a number of leasehold sales derailed due to leases having less than 80 years remaining. I have received conflicting advice from local Nag's Head conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can instigate the lease extension formalities for the buyer?

Provided that the seller has been the owner 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 wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as 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 Nag's Head conveyancing practice to deal with our lease extension?

If you are instructing a solicitor for your lease extension (regardless if they are a Nag's Head conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Nag's Head conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:

  • If they are not ALEP accredited then why not?
  • What are the costs for lease extension work?

    • Do you have any top tips for leasehold conveyancing in Nag's Head from the perspective of expediting the sale process?

    • Much of the frustration in leasehold conveyancing in Nag's Head can be reduced where you instruct lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information needed by the buyers lawyers.
    • Many landlords or managing agents in Nag's Head charge for supplying management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Nag's Head.
  • If you have carried out any alterations to the residence would they have required Landlord’s permission? In particular have you installed wooden flooring? Nag's Head leases often stipulate that internal structural changes or addition of wooden flooring necessitate a licence issued by the Landlord approving such alterations. Where you fail to have the paperwork to hand do not contact the landlord without contacting your conveyancer first.
  • Some Nag's Head leases require Licence to Assign from the landlord. 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. The 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 buyers or their lawyers.
  • If you hold a share in a the Management Company, you should make sure that you are holding the original share document. Organising a re-issued share certificate is often a lengthy process and frustrates many a Nag's Head conveyancing transaction. Where a new share certificate is required, you should approach the company director and secretary or managing agents (if relevant) for this as soon as possible.

    • If all goes to plan we aim to complete the disposal of our £375000 maisonette in Nag's Head on Tuesday in a week. The landlords agents has quoted £396 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Nag's Head?

    Nag's Head conveyancing on leasehold flats usually involves the buyer’s lawyer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to address these enquiries most will be content to assist. They may invoice a reasonable charge for answering questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some transactions it is above £800. The administration charge levied by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration fees, otherwise the charge is not strictly payable. Reality however dictates that you have little choice but to pay whatever is demanded should you wish to complete the sale of your home.

    I inherited a second floor flat in Nag's Head. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the premium payable for the purchase of the freehold?

    You certainly can. We are happy to put you in touch with a Nag's Head conveyancing firm who can help.

    An example of a Freehold Enfranchisement decision for a Nag's Head flat is 51 Lorne Road in November 2009. The price Payable as decided by the tribunal for the freehold reversion was £27,000. The valuation follows the order of the County Court made on 3 April 2008 granting a vesting order. This case was in relation to 1 flat. The the unexpired residue of the current lease was 71 years.