Top Five Questions relating to Chatteris leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Chatteris. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.
If the lease is recorded at the land registry - and almost all are in Chatteris - then the leasehold title will always include the basic details 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've found a house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have just 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 Chatteris. Conveyancing lawyers have not yet been appointed. Will they explain the issues?
The majority of houses in Chatteris are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are buying in Chatteris so you should seriously consider shopping around for a Chatteris conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant 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 conduct changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your lawyer should report to you on the legal implications.
I've recently bought a leasehold property in Chatteris. Do I have any liability for service charges for periods before completion of my purchase?
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 ensure 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).
Can you offer any advice when it comes to appointing a Chatteris conveyancing firm to deal with our lease extension?
When appointing a property lawyer for your lease extension (regardless if they are a Chatteris conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Chatteris conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:
- If they are not ALEP accredited then why not?
Can you provide any top tips for leasehold conveyancing in Chatteris from the point of view of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Chatteris can be avoided where you appoint lawyers the minute your agents start marketing the property and ask them to put together the leasehold information which will be required by the buyers conveyancers.
- The majority freeholders or managing agents in Chatteris levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Chatteris.
Chatteris Leasehold Conveyancing - A selection of Questions you should consider before Purchasing
Who manages the block?
Is the freehold owned jointly by the tenants?
Generally speaking the cost for major works tend not to be included within service charges, although there some managing agents in Chatteris obliged tenants to contribute towards a reserve fund and this is used to offset against major works.