Recently asked questions relating to Driffield leasehold conveyancing
I am in need of some leasehold conveyancing in Driffield. Before I get started I want to be sure as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and most are in Driffield - 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.
Estate agents have just been given the go-ahead to market my basement apartment in Driffield.Conveyancing solicitors are to be appointed soon but I have just received a half-yearly service charge demand – should I leave it to the buyer to sort out?
It best that you pay the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have subsequently been informed that the title is leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Driffield. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?
The majority of houses in Driffield are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Driffield so you should seriously consider shopping around for a Driffield conveyancing practitioner and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’spermission to conduct alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your solicitor will appraise you on the various issues.
I've recently bought a leasehold property in Driffield. Do I have any liability for service charges for periods before completion of my purchase?
In a situation 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. It is an essential part 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).
Are there common problems that you see in leases for Driffield properties?
There is nothing unique about leasehold conveyancing in Driffield. All leases are individual and drafting errors can result in certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the premises
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You will 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. Accord Mortgages Ltd, The Mortgage Works, and Alliance & Leicester all have very detailed conveyancing instructions 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, forcing the buyer to withdraw.
I inherited a 1st floor flat in Driffield, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar properties in Driffield with an extended lease are worth £186,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ends on 21st October 2086
You have 65 years remaining on your lease the likely cost is going to range between £16,200 and £18,600 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.