Common questions relating to Delabole leasehold conveyancing
I am in need of some leasehold conveyancing in Delabole. Before I set the wheels in motion I require certainty as to the remaining lease term.
Assuming the lease is registered - and almost all are in Delabole - then the leasehold title will always include the basic details 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 today plan to offer on a house that seems to meet my requirements, at a reasonable figure which is making it more attractive. I have since discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Delabole. Conveyancing advisers have are soon to be instructed. Will they explain the issues?
Most houses in Delabole are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Delabole so you should seriously consider shopping around for a Delabole conveyancing practitioner and check that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’spermission to carry out alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your conveyancer should advise you fully on all the issues.
I am a negotiator for a busy estate agency in Delabole where we have witnessed a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have received inconsistent advice from local Delabole conveyancing solicitors. Can you shed some light as to whether the seller of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 purchaser.
What advice can you give us when it comes to choosing a Delabole conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for lease extension works (regardless if they are a Delabole conveyancing practice) it is imperative 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 Delabole conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:
- How familiar is the practice with lease extension legislation?
Can you provide any top tips for leasehold conveyancing in Delabole from the point of view of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Delabole can be bypassed if you get in touch lawyers as soon as you market your property and ask them to put together the leasehold documentation which will be required by the buyers conveyancers.
- Many landlords or managing agents in Delabole levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Delabole.
Delabole Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing
How much is the service charge and ground rent on the flat?
How many of the leaseholders are in arrears for their maintenance charge payments?
It would be prudent to discover if there is anything that is prohibited in the lease. For example some leases prohibit pets being permitted in in a block in Delabole. If you like the propertyin Delabole however your dog can’t make the move with you then you will be presented with a hard decision.