Common questions relating to Barnstaple leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Barnstaple. Before I get started I want to be sure as to the remaining lease term.
If the lease is recorded at the land registry - and most are in Barnstaple - 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’m about to sell my 2 bed flat in Barnstaple.Conveyancing is yet to be initiated but I have just received a yearly service charge invoice – Do I pay up?
It best that you pay the invoice 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 managing agents will not acknowledge the buyer until 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. This will smooth the conveyancing process.
I've found a house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have subsequently been informed that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Barnstaple. Conveyancing lawyers have not yet been appointed. Will they explain the issues?
The majority of houses in Barnstaple are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Barnstaple in which case you should be looking for a Barnstaple conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’sconsent to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your solicitor should appraise you on the various issues.
I am employed by a busy estate agency in Barnstaple where we have witnessed a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have been given inconsistent advice from local Barnstaple conveyancing solicitors. Could you confirm whether the owner of a flat can instigate 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, 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.
What are your top tips when it comes to choosing a Barnstaple conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Barnstaple conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Barnstaple conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:
- Can they put you in touch with client in Barnstaple who can give a testimonial?
Barnstaple Conveyancing for Leasehold Flats - A selection of Questions you should ask before buying
Most Barnstaple leasehold properties will incur a service charge for maintenance of the building set on behalf of the landlord. Where you acquire the flat you will have to pay this charge, normally quarterly accross the year. This may differ from two or three hundred pounds to thousands of pounds for bigger purpose-built blocks. In all probability there will be a rentcharge to be met yearly, this is usually not a large figure, say around £50-£100 but you should to enquire it because occasionally it can be surprisingly expensive.
Is there a share of the freehold?
Does this lease have in excess of 85 years unexpired?