Fixed-fee leasehold conveyancing in Cockermouth:

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Top Five Questions relating to Cockermouth leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Cockermouth. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.

If the lease is recorded at the land registry - and 99.9% are in Cockermouth - then the leasehold title will always include the short particulars 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 want to rent out my leasehold flat in Cockermouth. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?

Your lease governs the relationship between the landlord and you the leaseholder; specifically, it will indicate if subletting is not allowed, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Cockermouth do not prevent strict prohibition on subletting – such a provision would undoubtedly devalue the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.

I am tempted by the attractive purchase price for a two flats in Cockermouth which have in the region of forty five years unexpired on the leases. should I be concerned?

There are no two ways about it. A leasehold apartment in Cockermouth is a deteriorating 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 mortgage companies, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 Cockermouth conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new 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've recently bought a leasehold flat in Cockermouth. 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. However, 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).

Do you have any advice for leasehold conveyancing in Cockermouth with the purpose of speeding up the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Cockermouth can be bypassed if you instruct lawyers as soon as you market your property and request that they start to collate the leasehold documentation needed by the buyers conveyancers.
  • The majority landlords or Management Companies in Cockermouth levy fees for supplying management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Cockermouth.
  • In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Cockermouth leases often stipulate that internal structural changes or installing wooden flooring calls for a licence from the Landlord approving such works. Should you dont have the consents in place you should not contact the landlord without contacting your conveyancer in the first instance.
  • If you have had conflict with your landlord or managing agents it is essential that these are settled before the property is marketed. The buyers and their solicitors will be warry about purchasing a property where a dispute is ongoing. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over rather than unresolved.
  • If you hold a share in a the freehold, you should ensure that you have the original share document. Arranging a re-issued share certificate is often a lengthy formality and frustrates many a Cockermouth conveyancing transaction. Where a new share is necessary, you should approach the company director and secretary or managing agents (if relevant) for this at the earliest opportunity.

    • Cockermouth Conveyancing for Leasehold Flats - Examples of Questions you should consider before buying

      Best to be warned whether changing the roof or some other major work is pending that will be shared amongst the leasehold owners and will dramatically impact the level of the service fees or necessitate a specific invoice. How is the lease structured? The prefered form of lease structure is a share of the freehold. In this scenario the tenants have being in charge if their destiny and although a managing agent is frequently employed where the building is bigger than a house conversion, the managing agent acts for the leaseholders themselves.

    Other Topics

    Lease Extensions in Cockermouth