Leasehold Conveyancing in Coleford - Get a Quote from the leasehold experts approved by your lender

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Any conveyancing practice can theoretically deal with your leasehold conveyancing in Coleford, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Questions and Answers: Coleford leasehold conveyancing

I’m about to sell my basement apartment in Coleford.Conveyancing lawyers have not yet been instructed but I have just had a quarterly service charge demand – should I leave it to the buyer to sort out?

Your conveyancing lawyer is likely to suggest that you should 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 managing agents 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. Having a clear account will assist your cause and will leave you no worse off financially.

I am looking at a couple of apartments in Coleford which have approximately forty five years unexpired on the lease term. Will this present a problem?

A lease is a right to use the premises for a prescribed time frame. As the lease shortens the marketability of the lease decreases and it becomes more costly to acquire a lease extension. For this reason it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease extension can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this area

Last month I purchased a leasehold house in Coleford. Am I liable to pay service charges relating to a period prior to my ownership?

In a situation 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. However, your landlord may still be able to take action to forfeit the lease. It is an essential part 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 provide any advice for leasehold conveyancing in Coleford from the point of view of saving time on the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Coleford can be reduced if you get in touch lawyers the minute your agents start marketing the property and ask them to collate the leasehold information which will be required by the buyers representatives.
  • Many landlords or managing agents in Coleford levy fees for providing management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Coleford.
  • A minority of Coleford leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly 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 actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • If you hold a share in a the Management Company, you should ensure that you have the original share document. Obtaining a duplicate share certificate is often a lengthy formality and frustrates many a Coleford home move. Where a reissued share is necessary, you should approach the company officers or managing agents (if relevant) for this at the earliest opportunity.
  • You believe that you know the number of years remaining on your lease but you should double-check by asking your conveyancers. A purchaser's conveyancer will not be happy to advise their client to where the remaining number of years is less than 75 years. In the circumstances it is important at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • Are there common defects that you see in leases for Coleford properties?

    There is nothing unique about leasehold conveyancing in Coleford. Most leases are individual and legal mistakes in the legal wording can result in certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain parts of the property
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You may have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Chelsea Building Society, and Britannia all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the buyer to withdraw.

    Leasehold Conveyancing in Coleford - Sample of Questions you should ask Prior to Purchasing

      This information is helpful as a) areas may result in problems for the block as the communal areas may begin to deteriorate if maintenance are not paid for b) if the leasehold owners have a dispute with the managing agents you will need to have complete disclosure How many of the leaseholders are in arrears for their service charge payments? On the whole the outlay for major works tend not to be included within maintenance charges, although some managing agents in Coleford obliged leaseholders to contribute towards a reserve fund and this is used to offset against larger repairs or maintenance.

    Other Topics

    Lease Extensions in Coleford