Solicitor/conveyancer required for sale of freehold to leaseholders?

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    Solicitor/conveyancer required for sale of freehold to leaseholders?

    Hi,
    I own the freehold for a house that was converted to two flats sold on 99 year leases. I have reached agreement with the leaseholders to sell them the entire freehold for £4,000.

    My questions are will I need to go through a solicitor and/or conveyancer? I was hoping for a quick hassle free transfer as the amount is so small and it is all amicable!

    If I do need representation, roughly how much will it cost and can they represent all three parties themselves?
    Thanks for reading!

    #2
    Not unless there is work requiring their involvement.

    Bear in mind that the time to learn what to do might be more than paying someone £200 or so plus any disbursement.
    Based on the information posted, I offer my thoughts.Any action you then take is your liability. While commending individual effort, there is no substitute for a thorough review of documents and facts by paid for professional advisers.

    Comment


      #3
      The solicitors costs would be born by the 2 leaseholders and not by yourself.

      Comment


        #4
        The amount seems very low! Where is it? I note you are in London..
        Have you been served any notices or have you just been approached privately by the leaseholders?How long left on the leases? How much are the ground rents?

        Comment


          #5
          Hi, I was approached privately. The two flats have a total value of 350,000 but still 99 years remaining! Ground rent is only 100 per year.

          The leaseholders dont think they should pay legal costs on top and as it is not an enforced sale I guess they are not obliged to..

          I think 'leaseholdanswers' is right and it might be worth paying someone a couple hundred. If anyone can reccomended fixed price lawyers in northwest london - that would be appreciated!

          Comment


            #6
            But Hollyhead does raise a good point on value which was not a question you asked. On the basis of the lease information posted the value, using the lease_advice calculator, might be in the region of £3000 to £4000 for a lease extension per property, plus a small premium for the ownership of the freehold and the implicit right to manage, as well as taking it no account any hope value or development value.

            After using this and a few of the other ones available you might want to consider getting a valuation for a local chartered valuation surveyor, and an assessment of the level of interest,and then offering them the right of first refusal at another value. The risk is that they wont pay, and that the likelihood of a lease extension being applied for is some years away, the level of interest may not be spectacular.
            Based on the information posted, I offer my thoughts.Any action you then take is your liability. While commending individual effort, there is no substitute for a thorough review of documents and facts by paid for professional advisers.

            Comment


              #7
              Try getting a quote from Mills Curry Solicitors based in Eastcote ( on Metropolitan Line about 2 stops after Harrow ).

              Comment


                #8
                Thanks to all!

                Comment


                  #9
                  Since the leaseholders approached you, they should pay the legal costs. Unless, of course, you are desperate for the money.

                  Comment


                    #10
                    Originally posted by bbva View Post
                    Since the leaseholders approached you, they should pay the legal costs. Unless, of course, you are desperate for the money.
                    There is no should about it, it is simply a matter of negotiation.
                    Based on the information posted, I offer my thoughts.Any action you then take is your liability. While commending individual effort, there is no substitute for a thorough review of documents and facts by paid for professional advisers.

                    Comment


                      #11
                      Taking all your advice, I shopped around but the most anyone is prepared to offer me for the flats is £5250 (at least that is £250 extra profit!). However, something interesting cropped up - both of the leaseholders rent out their flats. I have never given permission to do this (through the leasehold documents do not state that permission is needed) but is their an implied requirement for landlords permission? Ta

                      Comment


                        #12
                        No if their lease does not require them to ask the Landlord for permission to sublet then they don't require permission! Does the lease say anything about subletting?

                        Comment


                          #13
                          There may be a requirement to simply notify you of the subletting
                          Based on the information posted, I offer my thoughts.Any action you then take is your liability. While commending individual effort, there is no substitute for a thorough review of documents and facts by paid for professional advisers.

                          Comment


                            #14
                            Oh well worth a try!
                            Nothing in lease about it so always a long shot.

                            Comment

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