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Twyford leasehold conveyancing: Q and A’s

I am on look out for some leasehold conveyancing in Twyford. Before I get started I require certainty as to the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and most are in Twyford - 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.

I am hoping to put an offer on a small detached house that seems to meet my requirements, at a great figure which is making it more attractive. I have subsequently been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Twyford. Conveyancing advisers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Twyford ?

The majority of houses in Twyford are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Twyford in which case you should be looking for a Twyford conveyancing practitioner and check that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’spermission to carry out alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the property is part of an estate. Your solicitor should appraise you on the various issues.

I am a negotiator for a reputable estate agency in Twyford where we have experienced a few flat sales jeopardised as a result of short leases. I have received contradictory information from local Twyford conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can start the lease extension formalities 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 commence 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 has to be done before, or simultaneously with completion of the disposal of the property.

An alternative approach is 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 advice can you give us when it comes to choosing a Twyford conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a solicitor for lease extension works (regardless if they are a Twyford conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with two or three firms including non Twyford conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:

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

    • Can you provide any advice for leasehold conveyancing in Twyford from the point of view of saving time on the sale process?

    • Much of the delay in leasehold conveyancing in Twyford can be avoided if you appoint lawyers the minute your agents start advertising the property and ask them to collate the leasehold information which will be required by the purchasers’ representatives.
    • In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Most leases in Twyford state that internal structural changes or installing wooden flooring calls for a licence from the Landlord acquiescing to such alterations. If you fail to have the consents in place do not contact the landlord without checking with your solicitor first.
  • A minority of Twyford leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any 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 lawyers.
  • If you hold a share in a the freehold, you should ensure that you have the original share document. Organising a re-issued share certificate is often a lengthy process and slows down many a Twyford home move. Where a reissued share certificate is necessary, do contact the company officers or managing agents (if applicable) for this sooner rather than later.
  • You may think that you are aware of the number of years left on your lease but you should verify this by asking your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to to exchange contracts if the lease term is below 80 years. It is therefore important at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • I bought a 2 bed flat in Twyford, conveyancing formalities finalised 2003. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Twyford with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease terminates on 21st October 2105

    You have 80 years left to run we estimate the price of your lease extension to span between £9,500 and £11,000 as well as legals.

    The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Twyford