Solicitors' fees for collective enfranchisement purchase

[mitchmike]

Hello

I am one of four leaseholders in a block of four flats who are in the process of purchasing the freehold of the property.

The freeholder has been approached and has agreed a price of £2000 + £500 for there legal fees in writing.All four leases are a 100 years and have the same terms and conditions.

Tommorrow i need to start ringing around for a Solicitor to represent all four of us.I would appreciate it someone can give me an approx figure as to the likely cost of the solicitors fees and approx timescales to complete the work.This should be a fairly straigthforward transaction with no complications.

I have no experience of this but it will help to give me some idea of what to expect before i start contacting solicitors tommorrow.

Many Thanks

[jeffrey]

Besides buying f/r, remember that the lessees also need to extend their individual leases by Deeds of Surrender and Regrant (and that any mortgagees secured thereon need to consent to Deeds of Substituted Security). Contact me if you want a quote.

[mitchmike]

Many thanks for the advice jeffrey, we managed to find a local solicitor to do the conveyancing for £500 for the freehold purchase conveyancing.

[Lawcruncher]

... the lessees also need to extend their individual leases by Deeds of Surrender and Regrant (and that any mortgagees secured thereon need to consent to Deeds of Substituted Security).

Why is that?

[jeffrey]

Why is that?

Because lessee (T) can sell or mortgage only what T owns. Joint ownership of f/r therefore needs to be folowed asap by extending leases.

[Lawcruncher]

Surely this does not apply in every case. If the leases were granted last year for 125 years there is no need to extend them.

[jeffrey]

Surely this does not apply in every case. If the leases were granted last year for 125 years there is no need to extend them.

True, but post #1 states that they were granted for 100 yrs.- and we do not know from when, either.