Examples of recent questions relating to leasehold conveyancing in Ashbourne
I am on look out for some leasehold conveyancing in Ashbourne. Before diving in I would like to find out the remaining lease term.
Assuming the lease is registered - and almost all are in Ashbourne - 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.
Expecting to sign contracts shortly on a leasehold property in Ashbourne. Conveyancing solicitors assured me that they report fully next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Ashbourne should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
I today plan to offer on a house that seems to be perfect, at a great figure which is making it all the more appealing. I have since discovered that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Ashbourne. Conveyancing advisers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Ashbourne ?
The majority of houses in Ashbourne are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Ashbourne in which case you should be shopping around for a Ashbourne conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’sconsent to conduct alterations. You may also be required to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your solicitor should appraise you on the various issues.
I've recently bought a leasehold flat in Ashbourne. Do I have any liability for 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. 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 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 work for a long established estate agency in Ashbourne where we see a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given contradictory information from local Ashbourne conveyancing solicitors. Can you shed some light as to whether the owner of a flat can initiate the lease extension process for the buyer?
As long as the seller has owned the lease 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 proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
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 purchaser.
Leasehold Conveyancing in Ashbourne - Examples of Queries before buying
It is important to be aware if fixing the lift or some other significant cost is coming up that will be shared between the leaseholders and will materially impact the level of the service fees or necessitate a specific invoice.
Does the lease have in excess of 90 years remaining?
Make sure you enquire if there are any onerous restrictions in the lease. For instance plenty of leases prohibit pets being permitted in certain buildings in Ashbourne. If you love the propertyin Ashbourne yet your cat is not allowed to move with you then you will be faced difficult compromise.