Caddington leasehold conveyancing Example Support Desk Enquiries
I today plan to offer on a house that seems to be perfect, at a great price which is making it all the more appealing. I have subsequently found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Caddington. Conveyancing advisers have are soon to be appointed. Will they explain the issues?
Most houses in Caddington are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Caddington so you should seriously consider looking for a Caddington conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being 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 carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the property is part of an estate. Your lawyer will report to you on the legal implications.
I've recently bought a leasehold house in Caddington. Do I have any liability for service charges relating to a period prior to my ownership?
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. 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).
I am a negotiator for a long established estate agency in Caddington where we have witnessed a few leasehold sales derailed as a result of short leases. I have received inconsistent advice from local Caddington conveyancing firms. Can you confirm whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
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 buyer.
All being well we will complete our sale of a £500000 apartment in Caddington in just under a week. The landlords agents has quoted £420 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Caddington?
Caddington conveyancing on leasehold apartments ordinarily necessitates administration charges raised by managing agents :
- Completing conveyancing due diligence enquiries
- Where consent is required before sale in Caddington
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What are the common problems that you see in leases for Caddington properties?
Leasehold conveyancing in Caddington is not unique. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are wrong. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the building
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Virgin Money, and Britannia all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.
Leasehold Conveyancing in Caddington - Sample of Queries Prior to buying
This information is helpful as a) areas can result in problems in the building as the common areas may start to deteriorate if maintenance are not paid for b) if the leasehold owners have an issue with the managing agents you will wish to have full disclosure
How many of the leaseholders are in arrears for their service charge payments?
Be sure to investigate if the the lease contains any adverse restrictions in the lease. By way of example plenty of leases prohibit pets being allowed in in a block in Caddington. If you love the propertyin Caddington yet your dog is not allowed to make the move with you then you will be presented with a hard decision.