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Bedworth leasehold conveyancing: Q and A’s

I have just appointed agents to market my 2 bed apartment in Bedworth.Conveyancing solicitors are to be appointed soon but I have just received a half-yearly service charge demand – what should I do?

It best that you pay the service charge 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. This will smooth the conveyancing process.

Back In 2002, I bought a leasehold flat in Bedworth. Conveyancing and Coventry Building Society mortgage are in place. I have received a letter from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Bedworth who acted for me is not around.What should I do?

First contact HMLR to be sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. There is no need to instruct a Bedworth conveyancing practitioner to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am a negotiator for a long established estate agent office in Bedworth where we have witnessed a number of flat sales jeopardised due to short leases. I have received inconsistent advice from local Bedworth conveyancing firms. Could you shed some light as to whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?

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 need not have to wait 2 years for a lease extension. 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.

An alternative approach is 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 offer any advice when it comes to finding a Bedworth conveyancing practice to deal with our lease extension?

If you are instructing a solicitor for lease extension works (regardless if they are a Bedworth conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Bedworth conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:

  • How familiar is the practice with lease extension legislation?
  • What volume of lease extensions have they conducted in Bedworth in the last year?

    • Do you have any advice for leasehold conveyancing in Bedworth from the point of view of expediting the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Bedworth can be reduced if you appoint lawyers the minute you market your property and ask them to collate the leasehold information which will be required by the purchasers’ conveyancers.
    • A minority of Bedworth leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the annual 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 purchasers or their lawyers.
  • If there is a history of any disputes with your landlord or managing agents it is very important that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be concerned about purchasing a flat where a dispute is ongoing. You will have to accept that you will have to discharge 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 prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to reveal the dispute as over rather than unsettled.
  • If you hold a share in a the freehold, you should ensure that you are holding the original share certificate. Organising a duplicate share certificate is often a lengthy process and frustrates many a Bedworth conveyancing deal. If a duplicate share is needed, do contact the company director and secretary or managing agents (where applicable) for this sooner rather than later.
  • You may think that you are aware of the number of years left on your lease but it would be advisable verify this via your solicitors. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the remaining number of years is below 80 years. In the circumstances it is important at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • Leasehold Conveyancing in Bedworth - Examples of Questions you should ask before Purchasing

      How many of the leaseholders are in arrears for their service charge payments? Does the lease have more than 90 years remaining? How much is the annual maintenance fee and ground rent?

    Other Topics

    Lease Extensions in Bedworth