Experts for Leasehold Conveyancing in Earls Barton

Get a Quote

When it comes to leasehold conveyancing in Earls Barton, you will need to appoint a conveyancing solicitor with leasehold experience. Whether your lender is to be Clydesdale , RBS or Bradford & Bingley be sure to choose a lawyer on their approved list. Find a Earls Barton conveyancing lawyer with our search tool

Questions and Answers: Earls Barton leasehold conveyancing

I am in need of some leasehold conveyancing in Earls Barton. Before diving in I would like to find out the remaining lease term.

Assuming the lease is registered - and most are in Earls Barton - 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 have just started marketing my garden flat in Earls Barton.Conveyancing lawyers have not yet been instructed but I have just received a yearly maintenance charge demand – what should I do?

It best that you clear the invoice 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. Having a clear account will assist your cause and will leave you no worse off financially.

I am attracted to a two maisonettes in Earls Barton both have approximately 50 years remaining on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Earls Barton. The lease is a right to use the premises for a period of time. As the lease gets shorter the saleability of the lease decreases and it becomes more costly to acquire a lease extension. This is why it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this arena

Last month I purchased a leasehold property in Earls Barton. Do I have any liability for service charges for periods before completion of my purchase?

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. 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).

Can you provide any top tips for leasehold conveyancing in Earls Barton with the intention of speeding up the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Earls Barton can be reduced where you instruct lawyers as soon as 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 Earls Barton levy fees for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack sought as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Earls Barton.
  • In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Earls Barton leases often stipulate that internal structural changes or addition of wooden flooring require a licence issued by the Landlord approving such alterations. Should you fail to have the consents to hand you should not contact the landlord without checking with your solicitor in the first instance.
  • Some Earls Barton leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors.
  • You may think that you are aware of the number of years left on your lease but it would be advisable double-check via your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the lease term is under 75 years. It is therefore essential at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • Earls Barton Leasehold Conveyancing - Examples of Queries Prior to buying

      Best to be warned if a new roof is being installed or some other major work is due in the near future that will be shared between the leaseholders and could well materially increase the the service charges or necessitate a specific invoice. If a Earls Barton lease has less than 80 years it will impact the salability of the apartment. It is worth checking with your bank that they are willing to lend given the lease term. Leases with fewer than 80 years remaining means that you will most likely have to extend the lease at some point and you need to have some idea of what this will be. For most Earls Bartonlease extensions you would need to own the property for a couple of years before you are legally able to extend the lease. Does the lease contain onerous restrictions?

    Other Topics

    Lease Extensions in Earls Barton