Sample questions relating to Calcot leasehold conveyancing
I have just started marketing my ground floor apartment in Calcot.Conveyancing is yet to be initiated but I have just received a quarterly maintenance charge demand – Do I pay up?
The sensible thing to do is discharge the invoice 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 management companies 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.
I've found a house that seems to meet my requirements, at a reasonable figure which is making it more attractive. I have just found out that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Calcot. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?
Most houses in Calcot are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Calcot so you should seriously consider shopping around for a Calcot conveyancing practitioner and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’sconsent to carry out alterations. It may be necessary to pay a service charge towards the upkeep of the communal areas where the house is part of an estate. Your solicitor should appraise you on the various issues.
I am attracted to a two apartments in Calcot both have approximately fifty years left on the lease term. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Calcot is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of buyers and banks, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Calcot conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I am employed by a busy estate agency in Calcot where we see a number of flat sales put at risk as a result of short leases. I have received conflicting advice from local Calcot conveyancing solicitors. Can you shed some light as to whether the seller of a flat can start the lease extension process for the buyer?
Provided that the seller has owned the lease 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. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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.
What are your top tips when it comes to appointing a Calcot conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Calcot conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with several firms including non Calcot conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:
- How familiar is the firm with lease extension legislation?
Leasehold Conveyancing in Calcot - A selection of Questions you should ask Prior to Purchasing
The majority of Calcot leasehold flats will incur a service bill for the upkeep of the block levied by the management company. If you purchase the property you will have to pay this charge, usually in instalments accross the year. This may vary from two or three hundred pounds to thousands of pounds for bigger purpose-built buildings. In all probability there will be a rentcharge for you to pay annual, this is usually not a large figure, say around £25-£75 but you should to check as sometimes it can be surprisingly expensive.
This information is helpful as a) areas could result in problems in the block as the communal areas may begin to deteriorate if maintenance are not paid for b) if the leasehold owners have an issue with the running of the building you will wish to know about it
It is important to be aware whether changing the roof or some other significant cost is due shortly to be shared between the leaseholders and may well dramatically impact the level of the maintenance charges or result in a one off payment.