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Top Five Questions relating to Cross Keys leasehold conveyancing

Expecting to exchange soon on a studio apartment in Cross Keys. Conveyancing lawyers inform me that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Cross Keys should include some of the following:

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • Are pets allowed in the flat?
  • Whether the lease restricts you from letting out the property, or working from home
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Whether your lease has a provision for a reserve fund?
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? For a comprehensive list of information to be included in your report on your leasehold property in Cross Keys please ask your solicitor in ahead of your conveyancing in Cross Keys

    • I own a leasehold flat in Cross Keys. Conveyancing and Bank of Scotland mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1996. The conveyancing solicitor in Cross Keys who acted for me is not around.Do I pay?

    The first thing you should do is make enquiries of the Land Registry to be sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to instruct a Cross Keys conveyancing practitioner to do this as you can do this on the Land Registry website for a few pound. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

    Last month I purchased a leasehold house in Cross Keys. Do I have any liability for service charges for periods before my ownership?

    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. Strange as it may seem, 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).

    I work for a reputable estate agency in Cross Keys where we see a few flat sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Cross Keys conveyancing firms. Could you clarify whether the vendor of a flat can start 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 wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.

    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 top tips for leasehold conveyancing in Cross Keys with the aim of speeding up the sale process?

    • Much of the frustration in leasehold conveyancing in Cross Keys can be bypassed if you instruct lawyers as soon as your agents start advertising the property and ask them to put together the leasehold documentation needed by the buyers solicitors.
    • 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 Cross Keys state that internal structural alterations or laying down wooden flooring necessitate a licence from the Landlord approving such changes. If you dont have the approvals in place you should not contact the landlord without checking with your solicitor before hand.
  • If there is a history of conflict with your freeholder or managing agents it is very important that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be concerned about purchasing a flat where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or settle 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 particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as historic as opposed to ongoing.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you have the original share certificate. Obtaining a re-issued share certificate is often a lengthy formality and delays many a Cross Keys home move. If a new share is needed, do contact the company director and secretary or managing agents (if applicable) for this at the earliest opportunity.
  • You believe that you know the number of years left on your lease but it would be advisable double-check via your lawyers. A buyer’s lawyer will be unlikely to recommend their client to where the remaining number of years is less than 80 years. It is therefore important at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • Cross Keys Leasehold Conveyancing - A selection of Questions you should ask Prior to Purchasing

      How long is the Lease? Are any of leasehold owners in dispute over their service charge payments? How is the lease structured?

    Other Topics

    Lease Extensions in Cross Keys