Recently asked questions relating to Arlesey leasehold conveyancing
I am on look out for some leasehold conveyancing in Arlesey. Before diving in I want to be sure as to the remaining lease term.
Assuming the lease is registered - and most are in Arlesey - 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 want to rent out my leasehold apartment in Arlesey. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
A lease dictates the relationship between the freeholder and you the leaseholder; specifically, it will set out if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Arlesey do not prevent subletting altogether – such a provision would adversely affect the market value the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
Last month I purchased a leasehold property in Arlesey. 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. Strange as it may seem, 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).
What advice can you give us when it comes to finding a Arlesey conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Arlesey conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Arlesey conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:
- How familiar is the firm with lease extension legislation?
Do you have any top tips for leasehold conveyancing in Arlesey from the point of view of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Arlesey can be bypassed if you instruct lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold information which will be required by the buyers representatives.
- The majority landlords or managing agents in Arlesey levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Arlesey.
Leasehold Conveyancing in Arlesey - Sample of Queries before buying
For most Arlesey leaseholds the cost for major works tend not to be incorporated into the maintenance charges, albeit that a few managing agents in Arlesey ask leasehold owners to pay into a sinking fund created for the specific intention of establishing a fund for major works.
Are any of leasehold owners in dispute over their service charge liability?
Plenty Arlesey leasehold flats will incur a service charge for maintenance of the building set on behalf of the landlord. Should you purchase the property you will have to meet this liability, normally quarterly accross the year. This can differ from a couple of hundred pounds to thousands of pounds for bigger purpose-built buildings. In all probability there will be a rentcharge to be met annual, ordinarily this is not a exorbitant figure, say around £25-£75 but you should to enquire as sometimes it can be surprisingly expensive.