Sample questions relating to Burnham On Crouch leasehold conveyancing
I am hoping to complete next month on a basement flat in Burnham On Crouch. Conveyancing lawyers inform me that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Burnham On Crouch should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
I have just appointed agents to market my ground floor apartment in Burnham On Crouch.Conveyancing is yet to be initiated but I have just had a quarterly maintenance charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is discharge 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 managing agents will not acknowledge the buyer unless 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.
I've found a house that seems to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have since discovered that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Burnham On Crouch. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?
Most houses in Burnham On Crouch are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Burnham On Crouch so you should seriously consider shopping around for a Burnham On Crouch conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’sconsent to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is located on an estate. Your conveyancer should report to you on the legal implications.
I've recently bought a leasehold property in Burnham On Crouch. Am I liable to pay 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. However, 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).
I am employed by a reputable estate agent office in Burnham On Crouch where we have experienced a number of flat sales derailed due to leases having less than 80 years remaining. I have received conflicting advice from local Burnham On Crouch conveyancing solicitors. Please can you confirm whether the owner of a flat can instigate the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. 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 extend the lease informally by agreement with the landlord 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 purchaser.
Burnham On Crouch Conveyancing for Leasehold Flats - Sample of Questions you should consider before Purchasing
What restrictions are there in the Burnham On Crouch Lease?
Where a Burnham On Crouch lease has less than eighty years it will have adverse implications on the value of the flat. It is worth checking with your lender that they are willing to to proceed given the lease term. A short lease means that you will most likely have to extend the lease at some point and you need to have some idea of how much this will be. Remember, in most cases you would need to own the property for a couple of years before you are legally able to exercise a lease extension.
Many Burnham On Crouch leasehold properties will incur a service charge for the upkeep of the building set by the management company. If you buy the flat you will have to pay this contribution, usually periodically accross the year. This may be anything from several hundred pounds to thousands of pounds for blocks with lifts and large common areas. There will also be a rentcharge to be met annual, ordinarily this is not a large figure, say around £50-£100 but you need to enquire it because on occasion it can be prohibitively expensive.