Leasehold Conveyancing in Askam In Furness - Get a Quote from the leasehold experts approved by your lender

Get a Quote

Require a conveyancing quote from a solicitor for leasehold conveyancing in Askam In Furness on your lender’s panel? Make use of our search tool to find quality local Askam In Furness conveyancing lawyers or national solicitors on your lender’s panel .

Questions and Answers: Askam In Furness leasehold conveyancing

I have just started marketing my basement flat in Askam In Furness.Conveyancing is yet to be initiated but I have just had a quarterly maintenance charge invoice – what should I do?

The sensible thing to do is discharge the service charge 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 unless 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. Having a clear account will assist your cause and will leave you no worse off financially.

I've recently bought a leasehold property in Askam In Furness. Am I liable to pay service charges for periods before 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 offer any advice when it comes to appointing a Askam In Furness conveyancing firm to deal with our lease extension?

If you are instructing a conveyancer for your lease extension (regardless if they are a Askam In Furness conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Askam In Furness conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:

  • How familiar is the practice with lease extension legislation?
  • What are the charges for lease extension conveyancing?

    • Can you provide any advice for leasehold conveyancing in Askam In Furness with the intention of expediting the sale process?

    • Much of the frustration in leasehold conveyancing in Askam In Furness can be avoided if you appoint 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 purchasers’ representatives.
    • The majority freeholders or managing agents in Askam In Furness charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Askam In Furness.
  • Some Askam In Furness leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the yearly 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 actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • If there is a history of conflict with your landlord or managing agents it is very important that these are settled prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or settle 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 present the dispute as over rather than unresolved.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you have the original share certificate. Arranging a duplicate share certificate is often a time consuming process and delays many a Askam In Furness conveyancing transaction. If a reissued share is needed, you should approach the company officers or managing agents (if relevant) for this at the earliest opportunity.

    • Completion in due on the disposal of our £425000 apartment in Askam In Furness in just under a week. The freeholder has quoted £324 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Askam In Furness?

    Askam In Furness conveyancing on leasehold flats more often than not involves the buyer’s solicitor submitting enquiries for the landlord to answer. Although the landlord is not legally bound to answer such questions most will be willing to do so. They are entitled invoice a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some situations it is above £800. The administration charge required by the landlord must be sent together with a synopsis of entitlements and obligations in respect of administration charges, otherwise the charge is technically not due. Reality however dictates that one has little option but to pay whatever is requested of you should you wish to sell the property.

    Askam In Furness Leasehold Conveyancing - Examples of Queries Prior to Purchasing

      Does the lease include onerous restrictions? If a Askam In Furness lease has no more than eighty years it will affect the value of the apartment. Check with your lender that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will almost definitely have to extend the lease at some point and you need to have some idea of what this would cost. Remember, in most cases you will need to own the property for 24 months in order to be eligible to extend the lease. The answer will be helpful as a) areas could cause problems in the block as the communal areas may begin to deteriorate if maintenance remain unpaid b) if the leaseholders have a dispute with the running of the building you will need to have all the details

    Other Topics

    Lease Extensions in Askam In Furness