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When it comes to leasehold conveyancing in Ripley, you will need to chose a conveyancing practitioner with leasehold experience. Whether your lender is to be Lloyds, RBS or Bradford & Bingley be sure to find a lawyer on their approved list. Feel free to use our search tool

Questions and Answers: Ripley leasehold conveyancing

Due to exchange soon on a garden flat in Ripley. Conveyancing lawyers assured me that they report fully next week. What should I be looking out for?

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

  • The physical extent of the premises. This will be the flat itself but may include a loft or cellar if appropriate.
  • Do you need to have carpet in the flat or are you allowed wood flooring?
  • Whether the lease restricts you from letting out the flat, or working from home
  • Whether your lease has a provision for a sinking fund?
  • Repair and maintenance of the flat
  • 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.
  • 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 contained in your report on your leasehold property in Ripley please ask your solicitor in ahead of your conveyancing in Ripley

    • I've found a house that appears to meet my requirements, at a great figure which is making it all the more appealing. I have subsequently found out 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 Ripley. Conveyancing advisers have not yet been instructed. Will they explain the issues?

    Most houses in Ripley are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Ripley in which case you should be shopping around for a Ripley conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the maintenance of the communal areas where the house is located on an estate. Your conveyancer will appraise you on the various issues.

    I am tempted by the attractive purchase price for a two maisonettes in Ripley which have approximately fifty years left on the leases. Do I need to be concerned?

    A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the saleability of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. This is why it is generally wise to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this area

    I am employed by a busy estate agent office in Ripley where we see a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have received contradictory information from local Ripley conveyancing solicitors. Can you shed some light as to whether the vendor of a flat can commence the lease extension formalities for the purchaser on completion of the sale?

    Provided that 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 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 buyer.

    Do you have any advice for leasehold conveyancing in Ripley with the intention of expediting the sale process?

    • Much of the frustration in leasehold conveyancing in Ripley can be avoided if you instruct lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the purchasers’ representatives.
    • The majority freeholders or Management Companies in Ripley levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Ripley.
  • Some Ripley 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 obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying 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 you have had any disputes with your freeholder or managing agents it is essential that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a property where a dispute is unsettled. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to 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 better to reveal the dispute as over rather than ongoing.
  • If you have the benefit of shareholding in the freehold, you should ensure that you have the original share document. Arranging a duplicate share certificate can be a lengthy formality and frustrates many a Ripley conveyancing transaction. Where a reissued share is required, do contact the company director and secretary or managing agents (if applicable) for this sooner rather than later.

    • I purchased a split level flat in Ripley, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Ripley with an extended lease are worth £250,000. The ground rent is £60 levied per year. The lease comes to an end on 21st October 2084

    With only 59 years left to run the likely cost is going to span between £26,600 and £30,800 as well as plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Ripley