Caddington leasehold conveyancing: Q and A’s
I only have Fifty years left on my flat in Caddington. I need to get lease extension but my freeholder is absent. What are my options?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. However, you will be required to prove that you or your lawyers have done all that could be expected to locate the landlord. In some cases a specialist would be helpful to try and locate and prepare a report which can be accepted by the court as evidence that the landlord is indeed missing. It is wise to seek advice from a property lawyer in relation to devolving into the landlord’s disappearance and the application to the County Court overseeing Caddington.
I today plan to offer on a house that seems to meet my requirements, at a reasonable figure which is making it more attractive. I have subsequently found out that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Caddington. Conveyancing solicitors have are about to be instructed. Will they explain the issues?
Most houses in Caddington are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are buying in Caddington so you should seriously consider shopping around for a Caddington conveyancing practitioner and be sure 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 lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’sconsent to carry out alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the property is part of an estate. Your solicitor will report to you on the legal implications.
Last month I purchased a leasehold flat in Caddington. 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 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 Caddington from the perspective of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Caddington can be reduced if you appoint lawyers the minute your agents start advertising the property and request that they start to put together the leasehold information which will be required by the purchasers’ conveyancers.
- Many landlords or Management Companies in Caddington charge for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Caddington.
If all goes to plan we aim to complete our sale of a £400000 flat in Caddington in 8 days. The managing agents has quoted £408 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Caddington?
Caddington conveyancing on leasehold maisonettes often involves the purchaser’s solicitor sending enquiries for the landlord to address. Although the landlord is under no legal obligation to address these enquiries most will be content to assist. They are at liberty invoice a reasonable administration fee for answering enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some cases it is above £800. The management information fee invoiced by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration charges, without which the invoice is not strictly payable. Reality however dictates that you have no choice but to pay whatever is demanded if you want to sell the property.
Leasehold Conveyancing in Caddington - A selection of Queries Prior to buying
It would be prudent to discover as much as possible regarding the managing agents as they will either make living at the property much simpler or uncomfortable. Being a leasehold owner you are often at the mercy of the managing agents from a financial perspective and when it comes to every day matters such as the cleanliness of the common parts. Enquire of prospective neighbours whether they are happy with them. On a final note, find out the dates that you are obliged pay the maintenance charge to the appropriate party and specifically how they are spending that money.
This question is helpful as a) areas can cause problems in the block as the common areas may start to deteriorate where repairs remain unpaid b) if the tenants have an issue with the running of the building you will wish to have complete disclosure
How long is the Lease?