Fixed-fee leasehold conveyancing in Milton Keynes:

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Common questions relating to Milton Keynes leasehold conveyancing

Planning to exchange soon on a basement flat in Milton Keynes. Conveyancing solicitors have said that they report fully tomorrow. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Milton Keynes should include some of the following:

  • You should receive a copy of the lease
  • Are pets allowed in the flat?
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • You should have a good understanding of the insurance provisions
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • What options are open to you if a neighbour is in violation of a provision in their lease? For details of the information to be included in your report on your leasehold property in Milton Keynes please enquire of your lawyer in ahead of your conveyancing in Milton Keynes

    • My wife and I purchased a leasehold flat in Milton Keynes. Conveyancing and Birmingham Midshires mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1992. The conveyancing practitioner in Milton Keynes who previously acted has now retired.Do I pay?

    The first thing you should do is make enquiries of HMLR to make sure that this person is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Milton Keynes conveyancing solicitor to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

    I am employed by a busy estate agent office in Milton Keynes where we have experienced a few flat sales jeopardised as a result of short leases. I have been given inconsistent advice from local Milton Keynes conveyancing firms. Can you shed some light as to whether the owner of a flat can commence 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. The benefit of this is that the proposed purchaser 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 purchaser.

    What are your top tips when it comes to appointing a Milton Keynes conveyancing firm to deal with our lease extension?

    When appointing a conveyancer for lease extension works (regardless if they are a Milton Keynes conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you speak with several firms including non Milton Keynes conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:

    • How familiar is the firm with lease extension legislation?
  • Can they put you in touch with client in Milton Keynes who can give a testimonial?

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

    • A significant proportion of the delay in leasehold conveyancing in Milton Keynes can be bypassed if you instruct lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information needed by the buyers conveyancers.
    • The majority landlords or Management Companies in Milton Keynes levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Milton Keynes.
  • If you have carried out any alterations to the residence would they have required Landlord’s consent? In particular have you laid down wooden flooring? Most leases in Milton Keynes state that internal structural alterations or laying down wooden flooring calls for a licence issued by the Landlord approving such alterations. If you fail to have the approvals to hand do not contact the landlord without checking with your conveyancer before hand.
  • If you hold a share in a the Management Company, you should ensure that you have the original share certificate. Organising a re-issued share certificate is often a lengthy formality and frustrates many a Milton Keynes conveyancing transaction. If a reissued share certificate is required, do contact the company director and secretary or managing agents (where applicable) for this at the earliest opportunity.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this via your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to where the remaining number of years is under 80 years. In the circumstances it is important at an early stage 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 bought a studio flat in Milton Keynes, conveyancing having been completed in 2002. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Milton Keynes with a long lease are worth £225,000. The ground rent is £50 charged once a year. The lease ceases on 21st October 2089

    You have 65 years unexpired we estimate the price of your lease extension to be between £16,200 and £18,600 as well as professional fees.

    The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Milton Keynes