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Common questions relating to Belper leasehold conveyancing

I am in need of some leasehold conveyancing in Belper. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.

Assuming the lease is registered - and most are in Belper - 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 have just appointed agents to market my 2 bed flat in Belper.Conveyancing solicitors are to be appointed soon but I have just had a yearly service charge demand – 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've recently bought a leasehold house in Belper. Do I have any liability for service charges for periods before 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. 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 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).

Can you provide any top tips for leasehold conveyancing in Belper from the perspective of saving time on the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Belper can be reduced where you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold documentation which will be required by the buyers conveyancers.
  • Many freeholders or Management Companies in Belper charge for providing management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. 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 frequent reason for delay in leasehold conveyancing in Belper.
  • A minority of Belper leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet 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 service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If you have had conflict with your landlord or managing agents it is essential that these are settled prior to the flat being marketed. The buyers and their solicitors will be concerned about purchasing a flat where a dispute is ongoing. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to completion of the sale. 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 historic as opposed to unresolved.
  • You believe that you know the number of years left on your lease but you should verify this by asking your solicitors. A purchaser's lawyer will be unlikely to recommend their client to to exchange contracts if the lease term is under 80 years. It is therefore important at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • What makes a Belper lease unacceptable for security purposes?

    There is nothing unique about leasehold conveyancing in Belper. All leases are unique and drafting errors can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the property
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Norwich and Peterborough Building Society, and Alliance & Leicester all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to withdraw.

    Belper Conveyancing for Leasehold Flats - Examples of Queries Prior to buying

      Its a good idea to discover as much as possible concerning the managing agents as they will either make your living at the property much easier or problematic. As the owner of a leasehold property you will be in the clutches of the managing agents both financially and when it comes to every day matters like the upkeep of the common parts. Don't be shy to ask prospective neighbours whether they are happy with them. On a final note, be sure you understand the dates that the service fees are due to the relevant party and specifically how they are spending that money. What is the name of the managing agents? Does this lease have more than 80 years remaining?

    Other Topics

    Lease Extensions in Belper