Experts for Leasehold Conveyancing in Blackburn

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Questions and Answers: Blackburn leasehold conveyancing

Due to complete next month on a ground floor flat in Blackburn. Conveyancing solicitors assured me that they report fully on Monday. Are there areas in the report that I should be focusing on?

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

  • The length of the lease term You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
  • Will you be prohibited or prevented from having pets in the property?
  • Does the lease prevent you from renting out the property, or working from home
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Repair and maintenance of the flat
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • What the implications are if you breach a clause of your lease? For details of the information to be included in your report on your leasehold property in Blackburn please enquire of your lawyer in advance of your conveyancing in Blackburn

  • I am attracted to a two maisonettes in Blackburn both have about 50 years remaining on the leases. Do I need to be concerned?

    There are plenty of short leases in Blackburn. The lease is a right to use the premises for a prescribed time frame. As a lease shortens the value of the lease decreases and it becomes more costly to acquire a lease extension. This is why it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this field

    I've recently bought a leasehold flat in Blackburn. 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. However, your landlord may still be able to take action to forfeit the lease. A critical element 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).

    What advice can you give us when it comes to choosing a Blackburn conveyancing practice to deal with our lease extension?

    If you are instructing a conveyancer for lease extension works (regardless if they are a Blackburn conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Blackburn conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:

    • How familiar is the firm with lease extension legislation?
  • How many lease extensions has the firm conducted in Blackburn in the last year?

  • Do you have any top tips for leasehold conveyancing in Blackburn with the intention of expediting the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Blackburn can be reduced if you appoint lawyers as soon as you market your property and request that they start to collate the leasehold information needed by the buyers conveyancers.
    • Many freeholders or Management Companies in Blackburn charge for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Blackburn.
  • Some Blackburn leases require Licence to Assign from the landlord. If this is the case, you should 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 service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If you hold a share in a the freehold, you should make sure that you are holding the original share certificate. Obtaining a duplicate share certificate can be a lengthy process and slows down many a Blackburn home move. Where a reissued share certificate is necessary, you should approach the company director and secretary or managing agents (if applicable) for this sooner rather than later.
  • You may think that you are aware of the number of years remaining on your lease but you should double-check via your solicitors. A purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is below 75 years. It is therefore essential at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

  • Blackburn Conveyancing for Leasehold Flats - Sample of Questions you should ask before buying

      What is the yearly service fee and ground rent? Where a Blackburn lease has less than eighty years it will affect the marketability of the property. It is worth checking with your mortgage company that they are willing to lend given the lease term. A short lease means that you will probably require a lease extension sooner rather than later and it is worth finding out what this would cost. For most Blackburnlease extensions you will be be obliged to have been the owner of the property for two years before you are eligible to extend the lease. You should want to discover as much as possible concerning the managing agents as they will affect your use and enjoyment of the property. Being a leasehold owner you are frequently in the clutches of the managing agents from a financial perspective and when it comes to day to day matters like the cleanliness of the communal areas. Don't be shy to ask other tenants what they think of them. On a final note, investigate as to the dates that you are obliged pay the maintenance charge to the managing agents and precisely how they are spending that money.

    Other Topics

    Lease Extensions in Blackburn