Experts for Leasehold Conveyancing in Allenton

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When it comes to leasehold conveyancing in Allenton, you will need to chose a conveyancing practitioner with leasehold experience. Whether your lender is to be Clydesdale , RBS or NatWest be sure to choose a lawyer on their approved list. Find a Allenton conveyancing lawyer with our search tool

Sample questions relating to Allenton leasehold conveyancing

Estate agents have just been given the go-ahead to market my ground floor apartment in Allenton.Conveyancing is yet to be initiated but I have just received a yearly service charge demand – should I leave it to the buyer to sort out?

Your conveyancing lawyer is likely to suggest that you should discharge the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

My wife and I purchased a leasehold house in Allenton. Conveyancing and Bank of Ireland mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Allenton who previously acted has long since retired.What should I do?

First contact HMLR to be sure that the individual purporting to own the freehold is indeed the new freeholder. It is not necessary to incur the fees of a Allenton conveyancing firm to do this as it can be done on-line for a few pound. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I've recently bought a leasehold house in Allenton. Am I liable to pay service charges relating to a period prior to my ownership?

In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

I am employed by a reputable estate agency in Allenton where we have witnessed a few flat sales put at risk as a result of short leases. I have received inconsistent advice from local Allenton conveyancing firms. Can you confirm whether the seller of a flat can commence the lease extension process for the buyer?

Provided that 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 buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.

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.

Can you provide any advice for leasehold conveyancing in Allenton from the perspective of expediting the sale process?

  • Much of the delay in leasehold conveyancing in Allenton can be reduced where you instruct lawyers as soon as you market your property and ask them to collate the leasehold documentation which will be required by the buyers lawyers.
  • Many freeholders or managing agents in Allenton charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Allenton.
  • A minority of Allenton leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly 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 make sure that you hold the original share document. Obtaining a duplicate share certificate can be a lengthy process and delays many a Allenton home move. If a new share certificate is necessary, do contact the company director and secretary or managing agents (if applicable) for this at the earliest opportunity.
  • You believe that you know the number of years remaining on your lease but it would be wise to verify this by asking your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to where the remaining number of years is below 80 years. It is therefore important at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • Allenton Conveyancing for Leasehold Flats - Sample of Queries Prior to buying

      For most Allenton leaseholds the outlay for major works are not included within service charges, albeit that some managing agents in Allenton require leaseholders to pay into a sinking fund created for the specific intention of establishing a fund for major works. What is the the remaining lease term? You should be aware that where the lease has fewer than eighty years it will impact the marketability of the flat. It is worth checking with your mortgage company that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will most likely require a lease extension at some point and you need to have some idea of how much this will be. For most Allentonlease extensions you will need to own the property for two years before you are entitled to extend the lease.

    Other Topics

    Lease Extensions in Allenton