Fixed-fee leasehold conveyancing in Bungay:

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While any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Bungay, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Bungay leasehold conveyancing Example Support Desk Enquiries

I today plan to offer on a house that seems to be perfect, at a reasonable price which is making it all the more appealing. I have just found out that it's a leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Bungay. Conveyancing advisers have not yet been instructed. Will they explain the issues?

Most houses in Bungay are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are buying in Bungay in which case you should be shopping around for a Bungay conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the house is located on an estate. Your lawyer will appraise you on the various issues.

My wife and I purchased a leasehold house in Bungay. Conveyancing and Platform Home Loans Ltd mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Bungay who previously acted has long since retired.Do I pay?

First make enquiries of the Land Registry to make sure that this person is indeed the new freeholder. There is no need to incur the fees of a Bungay conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am attracted to a couple of apartments in Bungay which have about 50 years left on the lease term. Should I regard a short lease as a deal breaker?

A lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the saleability of the lease deteriorate and results in it becoming more costly to acquire a lease extension. For this reason it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this field

Last month I purchased a leasehold house in Bungay. Do I have any liability for service charges relating to a period prior to my ownership?

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. 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).

Do you have any top tips for leasehold conveyancing in Bungay with the aim of expediting the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Bungay can be bypassed if you appoint lawyers the minute you market your property and ask them to collate the leasehold documentation which will be required by the purchasers’ lawyers.
  • Many freeholders or Management Companies in Bungay charge for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Bungay.
  • Some Bungay 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 obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying 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 service charge figures so that they can pass this information on to the purchasers or their solicitors.
  • If you are supposed to have a share in the freehold, you should ensure that you hold the original share certificate. Obtaining a duplicate share certificate is often a lengthy formality and delays many a Bungay home move. Where a new share certificate is needed, do contact the company officers or managing agents (where applicable) for this sooner rather than later.
  • You believe that you know the number of years left on your lease but it would be advisable verify this via your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is under 75 years. In the circumstances it is essential at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • Bungay Leasehold Conveyancing - Examples of Questions you should ask Prior to Purchasing

      Please note that where the lease has fewer than 80 years it will have adverse implications on the salability of the flat. Check with your lender that they are happy with the length of the lease. Leases with less than 80 years remaining means that you will almost definitely require a lease extension at some point and it is worth finding out what this will be. For most Bungaylease extensions you will need to own the property for two years before you are legally able to exercise a lease extension. Best to be warned if fixing the lift or some other major work is coming up that will be shared amongst the tenants and may well materially impact the level of the maintenance charges or require a one time invoice. Please inform me if there are any major works anticipated that will increase the service fees?

    Other Topics

    Lease Extensions in Bungay