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

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Leasehold conveyancing in Cullercoats is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Cullercoats and across next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Cullercoats leasehold conveyancing: Q and A’s

I want to rent out my leasehold flat in Cullercoats. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?

A small minority of properties in Cullercoats do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.

Expecting to exchange soon on a studio apartment in Cullercoats. Conveyancing solicitors have said that they are sending me a report within the next couple of days. What should I be looking out for?

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

  • Defining your rights in respect of the communal areas in the building.E.G., does the lease include a right of way over an accessway or hallways?
  • Does the lease require carpeting throughout thus preventing wood flooring?
  • You need to be told what constitutes a Nuisance in the lease
  • Whether your lease has a provision for a reserve fund?
  • 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
  • Responsibility for repairing the window frames
  • What the implications are if you breach a clause of your lease? For details of the information to be included in your report on your leasehold property in Cullercoats please ask your solicitor in ahead of your conveyancing in Cullercoats

    • I today plan to offer on a house that seems to be perfect, at a reasonable price which is making it all the more appealing. I have just found out that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Cullercoats. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Cullercoats ?

    Most houses in Cullercoats are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are buying in Cullercoats so you should seriously consider shopping around for a Cullercoats conveyancing practitioner and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’sconsent to carry out alterations. It may be necessary to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your conveyancer should appraise you on the various issues.

    Last month I purchased a leasehold flat in Cullercoats. 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).

    Do you have any top tips for leasehold conveyancing in Cullercoats with the aim of speeding up the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Cullercoats can be avoided if you instruct lawyers the minute your agents start marketing the property and request that they start to collate the leasehold information which will be required by the buyers conveyancers.
    • Many landlords or Management Companies in Cullercoats charge for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack sought on or before finding 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 Cullercoats.
  • If you have had any disputes with your freeholder or managing agents it is very important that these are resolved before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. 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 buyers, but it is better to reveal 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 duplicate share certificate is often a time consuming process and slows down many a Cullercoats conveyancing transaction. If a new share certificate is necessary, you should approach the company director and secretary or managing agents (where relevant) for this sooner rather than later.
  • You may think that you are aware of the number of years remaining on your lease but you should double-check by asking your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to where the lease term is under 80 years. In the circumstances it is important at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • I own a split level flat in Cullercoats, conveyancing formalities finalised 2010. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Cullercoats with over 90 years remaining are worth £203,000. The ground rent is £45 levied per year. The lease ceases on 21st October 2075

    With just 50 years left to run we estimate the price of your lease extension to span between £39,900 and £46,200 plus legals.

    The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Cullercoats