Quality lawyers for Leasehold Conveyancing in Crediton

When it comes to leasehold conveyancing in Crediton, you will need to instruct a conveyancing practitioner with leasehold experience. Whether your lender is to be Santander, RBS or Bradford & Bingley be sure to choose a lawyer on their panel. Find a Crediton conveyancing lawyer with our search tool

Questions and Answers: Crediton leasehold conveyancing

Looking forward to sign contracts shortly on a studio apartment in Crediton. Conveyancing lawyers inform me that they will have a report out to me tomorrow. What should I be looking out for?

Your report on title for your leasehold conveyancing in Crediton should include some of the following:

  • Setting out your legal entitlements in respect of common areas in the block.By way of example, does the lease contain a right of way over a path or staircase?
  • Will you be prohibited or prevented from having pets in the property?
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions)
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • What you can do if a neighbour is in violation of a provision in their lease? For a comprehensive list of information to be contained in your report on your leasehold property in Crediton please enquire of your solicitor in ahead of your conveyancing in Crediton

  • I've recently bought a leasehold house in Crediton. Do I have any liability for service charges relating to a period prior to 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. 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).

    I work for a reputable estate agent office in Crediton where we have experienced a number of leasehold sales put at risk due to short leases. I have been given conflicting advice from local Crediton conveyancing firms. Can you shed some light as to whether the seller of a flat can commence the lease extension formalities for the buyer?

    As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having 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 prior to, or simultaneously with completion of the sale.

    Alternatively, it may be possible 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 Crediton from the point of view of saving time on the sale process?

    • Much of the delay in leasehold conveyancing in Crediton can be bypassed if you appoint lawyers the minute you market your property and request that they start to put together the leasehold information needed by the purchasers’ conveyancers.
    • Many freeholders or Management Companies in Crediton charge for supplying management packs for a leasehold premises. You or your lawyers should enquire as to 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 frustration in leasehold conveyancing in Crediton.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Crediton state that internal structural alterations or laying down wooden flooring necessitate a licence from the Landlord approving such alterations. If you dont have the paperwork to hand you should not contact the landlord without contacting your lawyer in advance.
  • If you have had any disputes with your landlord or managing agents it is essential that these are settled before the property is put on the market. The buyers and their solicitors will be nervous about purchasing a flat where there is a current dispute. You may have to bite the bullet and 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 purchasers, but it is better to reveal the dispute as historic rather than unresolved.
  • You believe that you know the number of years left on your lease but it would be advisable verify this via your conveyancers. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the remaining number of years is under 80 years. It is therefore important at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

  • When it comes to leasehold conveyancing in Crediton what are the most frequent lease defects?

    Leasehold conveyancing in Crediton is not unique. All leases are unique and drafting errors can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements of the building
    • 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 difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Skipton Building Society, and Clydesdale all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.

    Crediton Leasehold Conveyancing - Sample of Questions you should ask before Purchasing

      What prohibitions are there in the Crediton Lease? The answer will be important as a) areas may result in problems in the building as the common areas may start to deteriorate if repairs are not paid for b) if the leasehold owners have an issue with the managing agents you will want to have all the details How many of the leaseholders are in arrears for their service charge payments?

    Other Topics

    Lease Extensions in Crediton