Having had my offer accepted I require leasehold conveyancing in Driffield. Before diving in I would like to find out the remaining lease term.

If the lease is recorded at the land registry - and most are in Driffield - 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 am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable price which is making it more attractive. I have subsequently been informed that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Driffield. Conveyancing solicitors have are about to be appointed. Will they explain the issues?

The majority of houses in Driffield are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Driffield in which case you should be looking for a Driffield conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’sconsent to conduct changes to the property. You may also be required to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your lawyer will advise you fully on all the issues.

I am looking at a couple of flats in Driffield both have approximately fifty years unexpired on the leases. should I be concerned?

There is no doubt about it. A leasehold apartment in Driffield is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. For most purchasers and mortgage companies, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Driffield conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

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

In a situation 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. 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).

Can you provide any advice for leasehold conveyancing in Driffield with the intention of speeding up the sale process?

• Much of the delay in leasehold conveyancing in Driffield can be reduced where you instruct lawyers as soon as your agents start advertising the property and ask them to collate the leasehold documentation needed by the buyers solicitors.
• In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Driffield leases often stipulate that internal structural alterations or addition of wooden flooring require a licence from the Landlord approving such works. Should you dont have the paperwork to hand do not communicate with the landlord without checking with your conveyancer in advance.

Driffield Leasehold Conveyancing - A selection of Queries Prior to Purchasing

This question is important as a) areas could cause problems for the building as the communal areas may begin to deteriorate where maintenance are not paid for b) if the leasehold owners have an issue with the managing agents you will want to have all the details Be sure to discover if there is anything that is prohibited in the lease. For instance some leases prohibit pets being permitted in certain buildings in Driffield. If you love the propertyin Driffield however your cat can’t live with you then you will be presented with a difficult determination. It would be wise to find out as much as you can about the managing agents as they will impact your use and enjoyment of the property. As the owner of a leasehold property you are often in the clutches of the managing agents from a financial perspective and when it comes to day to day matters like the upkeep of the communal areas. Don't be afraid to ask other tenants what they think of them. In conclusion, find out the dates that you are obliged pay the maintenance charge to the relevant party and specifically what it includes.

Other Topics

Lease Extensions in Driffield