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Common questions relating to Bacup leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Bacup. Before I set the wheels in motion I want to be sure as to the remaining lease term.

If the lease is registered - and most are in Bacup - 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.

My wife and I purchased a leasehold house in Bacup. Conveyancing and Leeds Building Society mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing practitioner in Bacup who previously acted has now retired.Any advice?

First make enquiries of the Land Registry to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Bacup conveyancing practitioner to do this as you can do this on the Land Registry website for a few pound. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

Last month I purchased a leasehold flat in Bacup. 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 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. It is an essential part 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 provide any top tips for leasehold conveyancing in Bacup from the point of view of saving time on the sale process?

  • Much of the frustration in leasehold conveyancing in Bacup can be reduced if you instruct lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation needed by the buyers representatives.
  • The majority freeholders or managing agents in Bacup levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Bacup.
  • If you have carried out any alterations to the property would they have required Landlord’s approval? Have you, for example installed wooden flooring? Bacup leases often stipulate that internal structural alterations or laying down wooden flooring necessitate a licence from the Landlord consenting to such alterations. If you dont have the consents in place do not communicate with the landlord without contacting your conveyancer in advance.
  • Some Bacup leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand financial (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 service charge figures so that they can pass this information on to the purchasers or their lawyers.
  • If you hold a share in a the freehold, you should make sure that you hold the original share document. Obtaining a replacement share certificate is often a time consuming formality and slows down many a Bacup home move. If a reissued share is necessary, you should approach the company officers or managing agents (if applicable) for this as soon as possible.

  • If all goes to plan we aim to complete our sale of a £375000 garden flat in Bacup on Wednesday in a week. The management company has quoted £372 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Bacup?

    For most leasehold sales in Bacup conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

    • Completing conveyancing due diligence enquiries
    • Where consent is required before sale in Bacup
    • Supplying insurance information
    • Deeds of covenant upon sale
    • Registering of the assignment of the change of lessee after a sale
    Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Bacup leasehold property is £350. For Bacup conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to provide answers.

    Bacup Leasehold Conveyancing - A selection of Questions you should consider before Purchasing

      It would be sensible to enquire if there are any onerous restrictions in the lease. By way of example plenty of leases prohibit pets being permitted in certain buildings in Bacup. If you love the apartmentin Bacup yet your dog is not allowed to make the move with you then you will be faced difficult choice. How many of the leaseholders are in arrears for their service charge payments? Who manages the building?

    Other Topics

    Lease Extensions in Bacup