Guaranteed fixed fees for Leasehold Conveyancing in Arlesey

Get a Quote

Any conveyancing practice can theoretically handle your leasehold conveyancing in Arlesey, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Recently asked questions relating to Arlesey leasehold conveyancing

Due to complete next month on a ground floor flat in Arlesey. Conveyancing solicitors have said that they report fully tomorrow. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Arlesey should include some of the following:

  • You should receive a copy of the lease
  • Does the lease prevent you from subletting the flat, or having a home office for business
  • You should have a good understanding of the insurance provisions
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • What options are open to you if a neighbour is in violation of a provision in their lease?
  • What the implications are if you breach a clause of your lease? For details of the information to be included in your report on your leasehold property in Arlesey please ask your solicitor in ahead of your conveyancing in Arlesey

    • I have just appointed agents to market my basement apartment in Arlesey.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?

    It best that you discharge the invoice 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 until 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.

    I am attracted to a couple of apartments in Arlesey both have about 50 years unexpired on the lease term. Will this present a problem?

    There are no two ways about it. A leasehold flat in Arlesey is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. The majority of buyers and lenders, leases with under eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Arlesey conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

    Last month I purchased a leasehold house in Arlesey. Am I liable to pay service charges for periods before my ownership?

    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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part 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).

    Do you have any top tips for leasehold conveyancing in Arlesey with the purpose of saving time on the sale process?

    • Much of the frustration in leasehold conveyancing in Arlesey can be bypassed where you appoint lawyers as soon as you market your property and request that they start to put together the leasehold documentation which will be required by the buyers representatives.
    • A minority of Arlesey leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice 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 annual 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 purchasers or their lawyers.
  • If you have had any disputes with your freeholder or managing agents it is essential that these are resolved before the property is marketed. The buyers and their solicitors will be nervous about purchasing a flat where a dispute is ongoing. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over as opposed to unresolved.
  • If you have the benefit of shareholding in the freehold, you should ensure that you are holding the original share document. Arranging a replacement share certificate is often a time consuming process and frustrates many a Arlesey home move. Where a duplicate share is necessary, you should approach the company director and secretary or managing agents (where applicable) for this as soon as possible.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this by asking your lawyers. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is under 75 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • Arlesey Leasehold Conveyancing - Examples of Queries Prior to buying

      Are there any major works anticipated that could increase the service charges? Please note if it is fewer than eighty years it will affect the marketability of the apartment. It is worth checking with your lender that they are happy with remaining years on the lease. A short lease means that you will almost definitely require a lease extension sooner rather than later and it is worth finding out what this will be. Remember, in most cases you will be required to have been the owner of the residence for two years before you are eligible to carry out a lease extension. How many of the leaseholders are in arrears for their maintenance charge payments?

    Other Topics

    Lease Extensions in Arlesey