Top Five Questions relating to Audlem leasehold conveyancing
I am in need of some leasehold conveyancing in Audlem. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
If the lease is registered - and almost all are in Audlem - 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 today plan to offer on a house that appears to meet my requirements, at a great figure which is making it more attractive. I have just discovered that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Audlem. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Audlem ?
The majority of houses in Audlem are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Audlem so you should seriously consider shopping around for a Audlem conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the maintenance of the communal areas where the property is located on an estate. Your lawyer should report to you on the legal implications.
I am employed by a busy estate agency in Audlem where we see a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have been given contradictory information from local Audlem conveyancing firms. Could you clarify whether the vendor of a flat can instigate the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
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 buyer.
Can you provide any top tips for leasehold conveyancing in Audlem from the perspective of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Audlem can be reduced if you get in touch lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold information which will be required by the buyers conveyancers.
- In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Audlem leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence issued by the Landlord consenting to such changes. Should you dont have the paperwork in place you should not communicate with the landlord without contacting your lawyer before hand.
If all goes to plan we aim to complete our sale of a £350000 apartment in Audlem next Friday . The landlords agents has quoted £360 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Audlem?
For most leasehold sales in Audlem conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering conveyancing due diligence questions
- Where consent is required before sale in Audlem
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Audlem Leasehold Conveyancing - A selection of Questions you should ask Prior to buying
Are there any major works anticipated that will add a premium to the maintenance charges?
How much is the annual maintenance fee and ground rent?
It is important to be aware if window replacement or some other significant cost is due shortly to be shared amongst the leasehold owners and will dramatically increase the the maintenance fees or result in a one time payment.