Frequently asked questions relating to Acocks Green leasehold conveyancing
I am on look out for some leasehold conveyancing in Acocks Green. Before I get started I want to be sure as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and almost all are in Acocks Green - 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 today plan to offer on a house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have subsequently discovered that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Acocks Green. Conveyancing lawyers have not yet been instructed. Will they explain the issues?
The majority of houses in Acocks Green are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Acocks Green so you should seriously consider shopping around for a Acocks Green conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’sconsent to conduct alterations. You may also be required to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your solicitor will appraise you on the various issues.
I work for a busy estate agency in Acocks Green where we see a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Acocks Green conveyancing firms. Please can you clarify whether the seller of a flat can initiate the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start 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 wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
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.
Can you offer any advice when it comes to choosing a Acocks Green conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Acocks Green conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with two or three firms including non Acocks Green conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:
- If the firm is not ALEP accredited then what is the reason?
Completion in due on the disposal of our £475000 apartment in Acocks Green next Wednesday . The management company has quoted £408 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Acocks Green?
For the majority of leasehold sales in Acocks Green conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing pre-contract questions
- Where consent is required before sale in Acocks Green
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Leasehold Conveyancing in Acocks Green - A selection of Questions you should ask before Purchasing
Does the lease include onerous restrictions?
You should be aware that where the lease has no more than eighty years it will affect the salability of the property. It is worth checking with your lender that they are happy with residual term of the lease. Leases with less than 80 years remaining means that you will almost definitely need a lease extension at some point and it is worth discovering how much this will be. For most Acocks Greenlease extensions you will need to own the residence for 24 months before you are eligible to extend the lease.
The best form of lease structure is a share of the freehold. In this situation the tenants have control and even though a managing agent is often retained where it is bigger than a house conversion, the managing agent is directed by the tenants.