Common questions relating to Amersham leasehold conveyancing
I am in need of some leasehold conveyancing in Amersham. Before I get started I would like to find out the remaining lease term.
Assuming the lease is recorded at the land registry - and 99.9% are in Amersham - then the leasehold title will always include the basic details 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 attracted to a couple of maisonettes in Amersham which have approximately fifty years left on the lease term. should I be concerned?
There are plenty of short leases in Amersham. The lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the marketability of the lease deteriorate and results in it becoming more costly to extend the lease. This is why it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this field
Last month I purchased a leasehold property in Amersham. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee 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).
Can you provide any advice for leasehold conveyancing in Amersham from the point of view of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Amersham can be reduced if you instruct lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold information needed by the purchasers’ lawyers.
- The majority freeholders or managing agents in Amersham charge for supplying management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Amersham.
What are the common defects that you see in leases for Amersham properties?
There is nothing unique about leasehold conveyancing in Amersham. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the property
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You could encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Coventry Building Society, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to withdraw.
Amersham Conveyancing for Leasehold Flats - Sample of Queries before buying
It is important to be aware whether window replacement or some other significant cost is anticipated that will be shared by the tenants and will dramatically impact the level of the service charges or require a specific invoice.
Is the freehold owned collectively by the tenants?
The prefered form of lease structure is where the freehold interest is owned by the leaseholders. In this scenario the leaseholders benefit from being in charge if their destiny and although a managing agent is frequently retained if the building is bigger than a house conversion, the managing agent employed by the leaseholders.