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Common questions relating to Cowes leasehold conveyancing

I am in need of some leasehold conveyancing in Cowes. Before I get started I would like to find out the remaining lease term.

Assuming the lease is registered - and almost all are in Cowes - 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 have just appointed agents to market my basement flat in Cowes.Conveyancing solicitors are to be appointed soon but I have just had a quarterly service charge invoice – should I leave it to the buyer to sort out?

The sensible thing to do is pay the service charge 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 own a leasehold flat in Cowes. Conveyancing and The Royal Bank of Scotland mortgage are in place. I have received a letter from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Cowes who previously acted has now retired.Any advice?

First contact HMLR to be sure that this person is indeed the registered owner of the freehold reversion. You do not need to instruct a Cowes conveyancing practitioner to do this as it can be done on-line for £3. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I work for a long established estate agent office in Cowes where we have experienced a few flat sales derailed as a result of short leases. I have been given conflicting advice from local Cowes conveyancing firms. Could you shed some light as to whether the seller of a flat can initiate the lease extension formalities for the buyer?

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 proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.

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 buyer.

Do you have any advice for leasehold conveyancing in Cowes from the point of view of expediting the sale process?

  • Much of the frustration in leasehold conveyancing in Cowes can be avoided where you instruct lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation needed by the buyers conveyancers.
  • Many freeholders or managing agents in Cowes charge for supplying management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for as soon as you have 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 Cowes.
  • If you have carried out any alterations to the property would they have required Landlord’s permission? Have you, for example installed wooden flooring? Cowes leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence from the Landlord approving such changes. If you dont have the consents in place do not contact the landlord without contacting your lawyer in the first instance.
  • If you have had any disputes with your freeholder or managing agents it is very important that these are settled prior to the flat being marketed. The purchasers and their solicitors will be concerned about purchasing a flat where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve 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 are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to present the dispute as historic rather than unsettled.
  • If you have the benefit of shareholding in the freehold, you should make sure that you are holding the original share certificate. Organising a re-issued share certificate is often a lengthy process and delays many a Cowes home move. Where a new share certificate is required, you should approach the company officers or managing agents (where applicable) for this at the earliest opportunity.

    • Leasehold Conveyancing in Cowes - A selection of Questions you should consider Prior to buying

      This question is helpful as a) areas may result in problems in the block as the communal areas may start to deteriorate if maintenance are not paid for b) if the tenants have a dispute with the managing agents you will wish to have full disclosure Who is in charge of the block? How many years are left on the lease?

    Other Topics

    Lease Extensions in Cowes