Sample questions relating to Babbacombe leasehold conveyancing
I am in need of some leasehold conveyancing in Babbacombe. Before I get started I require certainty as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and almost all are in Babbacombe - 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.
Planning to sign contracts shortly on a garden flat in Babbacombe. Conveyancing lawyers inform me that they report fully tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Babbacombe should include some of the following:
- You should receive a copy of the lease
I've recently bought a leasehold property in Babbacombe. Do I have any liability for service charges relating to a period prior to completion of my purchase?
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. It is an essential part 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).
I work for a reputable estate agency in Babbacombe where we have witnessed a number of flat sales derailed as a result of short leases. I have received inconsistent advice from local Babbacombe conveyancing solicitors. Please can you confirm whether the vendor of a flat can start the lease extension formalities 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 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 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.
What are your top tips when it comes to appointing a Babbacombe conveyancing practice to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Babbacombe conveyancing firm) 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 Babbacombe conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- What volume of lease extensions have they carried out in Babbacombe in the last 12 months?
Leasehold Conveyancing in Babbacombe - Sample of Queries before buying
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What is the the remaining lease term?
The best form of lease structure is if the freehold title is in the ownership of the leaseholders. In this situation the leaseholders benefit from control and notwithstanding that a managing agent is frequently retained if it is bigger than a house conversion, the managing agent is directed by the tenants.
Generally speaking the outlay for major works are not included within maintenance charges, although a few managing agents in Babbacombe obliged tenants to contribute towards a sinking fund created for the specific purpose of building a fund for larger repairs or maintenance.
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