I am in need of some leasehold conveyancing in Newhaven. Before I set the wheels in motion I want to be sure as to the remaining lease term.

Assuming the lease is recorded at the land registry - and almost all are in Newhaven - then the leasehold title will always include the short particulars 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.

Planning to exchange soon on a studio apartment in Newhaven. Conveyancing lawyers inform me that they are sending me a report next week. What should I be looking out for?

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

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord

I am tempted by the attractive purchase price for a couple of maisonettes in Newhaven both have in the region of forty five years left on the lease term. should I be concerned?

There is no doubt about it. A leasehold flat in Newhaven is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the salability of the premises. For most purchasers and mortgage companies, leases with less than 75 years become less and less marketable. On a more positive 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 Newhaven 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 the agreed 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 am a negotiator for a busy estate agent office in Newhaven where we see a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given contradictory information from local Newhaven conveyancing firms. Can you clarify whether the owner 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is 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 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.

Completion in due on our sale of a £150000 garden flat in Newhaven in seven days. The landlords agents has quoted £324 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Newhaven?

Newhaven conveyancing on leasehold flats normally involves the buyer’s conveyancer submitting questions for the landlord to answer. Although the landlord is not legally bound to respond to such questions most will be willing to assist. They may charge a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some cases it is above £800. The management information fee invoiced 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.

Newhaven Leasehold Conveyancing - Examples of Questions you should ask Prior to Purchasing

Be sure to investigate if there is anything that is prohibited in the lease. For example plenty of leases prohibit pets being permitted in in a block in Newhaven. If you like the flatin Newhaven yet your dog is not allowed to make the move with you then you will be faced difficult compromise. Many Newhaven leasehold properties will have a service bill for maintenance of the block invoiced by the freeholder. Where you purchase the property you will have to meet this charge, normally periodically during the year. This could be anything from several hundred pounds to thousands of pounds for large purpose-built blocks. In all likelihood there will be a rentcharge to be met annual, this is usually not a significant sum, say about £25-£75 but you should to check it because sometimes it could be prohibitively expensive. Generally speaking the outlay for major works tend not to be included within maintenance charges, albeit that some managing agents in Newhaven obliged tenants to pay into a reserve fund created for the specific purpose of building a fund for larger works.

Other Topics

Lease Extensions in Newhaven