Quality lawyers for Leasehold Conveyancing in Bury St Edmunds

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Any conveyancing practice can theoretically deal with your leasehold conveyancing in Bury St Edmunds, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Bury St Edmunds leasehold conveyancing Example Support Desk Enquiries

Having had my offer accepted I require leasehold conveyancing in Bury St Edmunds. Before I get started I require certainty as to the number of years remaining on the lease.

If the lease is recorded at the land registry - and almost all are in Bury St Edmunds - 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 started marketing my basement apartment in Bury St Edmunds.Conveyancing solicitors are to be appointed soon but I have just received a quarterly maintenance charge invoice – what should I do?

Your conveyancing lawyer is likely to suggest that you should 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 managing agents 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.

Last month I purchased a leasehold house in Bury St Edmunds. Am I liable to pay service charges relating to a period prior to my ownership?

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. 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).

Do you have any top tips for leasehold conveyancing in Bury St Edmunds from the perspective of expediting the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Bury St Edmunds can be reduced where you instruct lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the purchasers’ conveyancers.
  • Many landlords or managing agents in Bury St Edmunds charge for supplying management packs for a leasehold premises. 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 reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Bury St Edmunds.
  • A minority of Bury St Edmunds leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is 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 buyers or their solicitors.
  • If you are supposed to have a share in the Management Company, you should make sure that you have the original share certificate. Arranging a duplicate share certificate is often a lengthy process and delays many a Bury St Edmunds conveyancing deal. Where a reissued share is needed, you should approach the company officers or managing agents (where relevant) for this as soon as possible.
  • You believe that you know the number of years remaining on your lease but it would be advisable double-check by asking your solicitors. A buyer’s conveyancer will not be happy to advise their client to where the lease term is less than 75 years. It is therefore important at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • What are the frequently found problems that you come across in leases for Bury St Edmunds properties?

    There is nothing unique about leasehold conveyancing in Bury St Edmunds. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements of the premises
    • A duty to insure the building
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You could encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, The Mortgage Works, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to withdraw.

    I invested in buying a leasehold flat in Bury St Edmunds, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Bury St Edmunds with an extended lease are worth £250,000. The ground rent is £45 charged once a year. The lease ceases on 21st October 2097

    With just 72 years left to run we estimate the premium for your lease extension to be between £12,400 and £14,200 plus professional fees.

    The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Bury St Edmunds