Dursley leasehold conveyancing: Q and A’s
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a great figure which is making it all the more appealing. I have subsequently been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Dursley. Conveyancing advisers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Dursley ?
Most houses in Dursley 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 Dursley in which case you should be shopping around for a Dursley conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’spermission to conduct changes to the property. You may also be required to pay a contribution towards the maintenance of the communal areas where the property is part of an estate. Your lawyer will advise you fully on all the issues.
My wife and I purchased a leasehold house in Dursley. Conveyancing and Aldermore mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1991. The conveyancing solicitor in Dursley 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 the individual claiming to own the freehold is in fact the new freeholder. There is no need to incur the fees of a Dursley conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. Rest assured 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.
I am employed by a long established estate agency in Dursley where we have witnessed a few flat sales put at risk due to short leases. I have been given inconsistent advice from local Dursley conveyancing solicitors. Please can you clarify whether the owner of a flat can instigate the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
Alternatively, it may be possible 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 purchaser.
Can you offer any advice when it comes to appointing a Dursley conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Dursley conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Dursley conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:
- What volume of lease extensions have they completed in Dursley in the last 12 months?
Can you provide any top tips for leasehold conveyancing in Dursley from the point of view of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Dursley can be reduced where you get in touch lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the buyers conveyancers.
- The majority landlords or managing agents in Dursley levy fees for supplying management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Dursley.
Dursley Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to Purchasing
How many years are left on the lease?
It is important to be aware whether window replacement or some other significant cost is pending that will be shared amongst the leasehold owners and will dramatically increase the the service charges or necessitate a specific payment.
How much is the ground rent and service charge?