Top Five Questions relating to Coleford leasehold conveyancing
I am in need of some leasehold conveyancing in Coleford. Before diving in I would like to find out the unexpired term of the lease.
If the lease is recorded at the land registry - and 99.9% are in Coleford - 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 only have Sixty One years unexpired on my lease in Coleford. I am keen to get lease extension but my freeholder is missing. What are my options?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to track down the landlord. In some cases a specialist would be helpful to carry out a search and to produce a report which can be used as evidence that the landlord can not be located. It is wise to seek advice from a property lawyer in relation to investigating the landlord’s absence and the application to the County Court overseeing Coleford.
Estate agents have just been given the go-ahead to market my 2 bed flat in Coleford.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly service charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should clear 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 unless 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. This will smooth the conveyancing process.
Last month I purchased a leasehold property in Coleford. 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 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 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).
Can you offer any advice when it comes to appointing a Coleford conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Coleford conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Coleford conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- If they are not ALEP accredited then why not?
Coleford Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing
Can you inform me if there are any major works on the horizon that will likely increase the service charges?
The majority of Coleford leasehold flats will incur a service charge for maintenance of the building invoiced by the management company. If you purchase the property you will have to pay this contribution, normally in instalments accross the year. This may differ from two or three hundred pounds to thousands of pounds for blocks with lifts and large communal areas. In all likelihood there will be a ground rent to be met yearly, normally this is not a significant amount, say around £25-£75 but you need to check it because sometimes it can be surprisingly expensive.
Is the freehold reversion owned jointly by the tenants?