Sample questions relating to East Dean leasehold conveyancing
Expecting to sign contracts shortly on a garden flat in East Dean. Conveyancing lawyers have said that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in East Dean should include some of the following:
- You should receive a copy of the lease
I am hoping to put an offer on a small detached house that seems to be perfect, at a great price which is making it all the more appealing. I have since been informed that it's a leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in East Dean. Conveyancing advisers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in East Dean ?
The majority of houses in East Dean are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in East Dean so you should seriously consider shopping around for a East Dean conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’sconsent to carry out changes to the property. 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 lawyer should report to you on the legal implications.
I am tempted by the attractive purchase price for a couple of apartments in East Dean which have in the region of 50 years left on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in East Dean is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the premises. The majority of purchasers and mortgage companies, leases with under eighty years become less and less attractive. 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 premises 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 premises 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 East Dean conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 East Dean. 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 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. A critical element of leasehold conveyancing for your conveyancer to ensure 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 East Dean with the intention of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in East Dean can be bypassed where you instruct lawyers as soon as your agents start advertising the property and ask them to put together the leasehold information needed by the purchasers’ lawyers.
- Many freeholders or Management Companies in East Dean levy fees for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in East Dean.
East Dean Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing
What is the name of the managing agents?
Be sure to enquire if the the lease contains any adverse restrictions in the lease. By way of example plenty of leases prohibit pets being allowed in in a block in East Dean. If you like the flatin East Dean however your cat can’t live with you then you will be faced difficult determination.
Best to be warned whether a new roof is being put on or some other significant cost is pending to be shared amongst the leaseholders and will materially impact the level of the service charges or necessitate a one time invoice.