Guaranteed fixed fees for Leasehold Conveyancing in Barrow In Furness

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Barrow In Furness leasehold conveyancing: Q and A’s

Looking forward to exchange soon on a ground floor flat in Barrow In Furness. Conveyancing solicitors inform me that they are sending me a report within the next couple of days. What should I be looking out for?

Your report on title for your leasehold conveyancing in Barrow In Furness should include some of the following:

  • The total extent of the demise. This will be the apartment itself but might incorporate a roof space or basement if appropriate.
  • Setting out your rights in respect of the communal areas in the building.By way of example, does the lease contain a right of way over a path or staircase?
  • Are pets allowed in the flat?
  • Whether the lease restricts you from renting out the property, or working from home
  • Whether your lease has a provision for a sinking fund?
  • Responsibility for repairing the window frames
  • What options are open to you if a neighbour is in violation of a provision in their lease? For details of the information to be included in your report on your leasehold property in Barrow In Furness please enquire of your lawyer in advance of your conveyancing in Barrow In Furness

    • I have just appointed agents to market my 2 bed flat in Barrow In Furness.Conveyancing lawyers have not yet been instructed but I have just received a quarterly service charge invoice – Do I pay up?

    Your conveyancing lawyer is likely to suggest that you should clear 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 management companies 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. Having a clear account will assist your cause and will leave you no worse off financially.

    I am tempted by the attractive purchase price for a two maisonettes in Barrow In Furness both have in the region of fifty years left on the leases. Do I need to be concerned?

    There is no doubt about it. A leasehold apartment in Barrow In Furness is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the value of the premises. The majority of buyers and lenders, leases with less than 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Barrow In Furness conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

    Last month I purchased a leasehold property in Barrow In Furness. Do I have any liability for service charges for periods before completion of my purchase?

    In a situation 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 advice for leasehold conveyancing in Barrow In Furness from the point of view of expediting the sale process?

    • Much of the frustration in leasehold conveyancing in Barrow In Furness can be reduced where you appoint lawyers the minute your agents start advertising the property and ask them to collate the leasehold information which will be required by the purchasers’ solicitors.
    • Some Barrow In Furness 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. The bank reference should make it clear that the buyer is 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 any disputes with your landlord or managing agents it is very important that these are settled prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a property where a dispute is unresolved. You may need to swallow your pride and pay 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 are still duty bound to disclose details of the dispute to the purchasers, but it is better to reveal the dispute as historic as opposed to unsettled.
  • If you are supposed to have a share in the Management Company, you should make sure that you hold the original share certificate. Obtaining a new share certificate can be a lengthy process and frustrates many a Barrow In Furness conveyancing deal. If a reissued share is necessary, you should approach the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check via your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to where the remaining number of years is below 75 years. It is therefore essential at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • I bought a leasehold flat in Barrow In Furness, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Barrow In Furness with a long lease are worth £265,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease expires on 21st October 2101

    With just 76 years left to run we estimate the price of your lease extension to be between £9,500 and £11,000 plus professional fees.

    The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Barrow In Furness