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Examples of recent questions relating to leasehold conveyancing in Chelmsley Wood

I am hoping to exchange soon on a leasehold property in Chelmsley Wood. Conveyancing lawyers assured me that they report fully next week. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Chelmsley Wood should include some of the following:

  • Are pets allowed in the flat?
  • You should be told what counts as a Nuisance in the lease
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • Whether your lease has a provision for a reserve fund?
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • Responsibility for repairing the window frames For a comprehensive list of information to be included in your report on your leasehold property in Chelmsley Wood please enquire of your conveyancer in advance of your conveyancing in Chelmsley Wood

  • 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 just discovered that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Chelmsley Wood. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Chelmsley Wood ?

    The majority of houses in Chelmsley Wood are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Chelmsley Wood in which case you should be shopping around for a Chelmsley Wood conveyancing solicitor and be sure that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. Being 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 freeholder’spermission to conduct changes to the property. You may also be required to pay a service charge towards the upkeep of the estate where the property is part of an estate. Your conveyancer will advise you fully on all the issues.

    I've recently bought a leasehold house in Chelmsley Wood. Am I liable to pay service charges for periods before completion of my purchase?

    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. 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 employed by a long established estate agency in Chelmsley Wood where we have experienced a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given inconsistent advice from local Chelmsley Wood conveyancing firms. Could you shed some light as to whether the seller of a flat can initiate the lease extension process for the purchaser on completion of the sale?

    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. The benefit of this is that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.

    An alternative approach is 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 purchaser.

    Do you have any advice for leasehold conveyancing in Chelmsley Wood from the point of view of speeding up the sale process?

    • Much of the frustration in leasehold conveyancing in Chelmsley Wood can be avoided if you get in touch lawyers as soon as your agents start advertising the property and ask them to collate the leasehold documentation which will be required by the buyers solicitors.
    • Many freeholders or managing agents in Chelmsley Wood levy fees for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Chelmsley Wood.
  • Some Chelmsley Wood leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are able to meet 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 service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If there is a history of conflict with your freeholder or managing agents it is essential that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is unresolved. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to present the dispute as over rather than unresolved.
  • You believe that you know the number of years left on your lease but it would be advisable double-check via your lawyers. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the lease term is less than 75 years. It is therefore important at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

  • Chelmsley Wood Leasehold Conveyancing - Examples of Questions you should consider before Purchasing

      What prohibitions are there in the Chelmsley Wood Lease? Be sure to discover if there is anything that is prohibited in the lease. For instance plenty of leases prohibit pets being allowed in in a block in Chelmsley Wood. If you love the flatin Chelmsley Wood but your dog is not allowed to make the move with you then you will be presented with a difficult choice. Best to be warned whether window replacement or some other significant cost is due in the foreseeable future to be shared between the leaseholders and will dramatically increase the the maintenance costs or require a specific invoice.

    Other Topics

    Lease Extensions in Chelmsley Wood