Questions and Answers: Ardwick leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Ardwick. Before diving in I require certainty as to the remaining lease term.
Assuming the lease is registered - and almost all are in Ardwick - 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 two apartments in Ardwick both have approximately forty five years remaining on the lease term. Do I need to be concerned?
A lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the marketability of the lease reduces and it becomes more expensive to acquire a lease extension. This is why it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this area
I've recently bought a leasehold flat in Ardwick. Do I have any liability for service charges for periods before completion of my purchase?
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 ensure 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 offer any advice when it comes to finding a Ardwick conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Ardwick conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Ardwick conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- What volume of lease extensions have they conducted in Ardwick in the last 12 months?
We expect to complete the sale of our £225000 garden flat in Ardwick in seven days. The freeholder has quoted £384 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Ardwick?
Ardwick conveyancing on leasehold flats nine out of ten times necessitates administration charges raised by freeholders :
- Addressing conveyancing due diligence enquiries
- Where consent is required before sale in Ardwick
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Leasehold Conveyancing in Ardwick - Examples of Queries before buying
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How long is the Lease?
Are there any major works on the horizon that could increase the maintenance costs?
If a Ardwick lease has less than eighty years it will affect the value of the apartment. Check with your lender that they are willing to to proceed given the lease term. A short lease means that you will almost definitely require a lease extension at some point and you need to have some idea of what this would cost. Remember, in most cases you would need to own the residence for 24 months before you are eligible to extend the lease.
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