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?
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.
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.