Leasehold Conveyancing in Easthampstead - Get a Quote from the leasehold experts approved by your lender

Looking for a solicitor for leasehold conveyancing in Easthampstead on your lender’s panel? Use our search tool to find quality local Easthampstead conveyancing lawyers or nationwide solicitors on your lender’s panel .

Easthampstead leasehold conveyancing Example Support Desk Enquiries

Estate agents have just been given the go-ahead to market my garden flat in Easthampstead.Conveyancing is yet to be initiated but I have just received a quarterly maintenance charge invoice – Do I pay up?

It best that you pay 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 managing agents will not acknowledge the buyer unless 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 am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable price which is making it more attractive. I have subsequently found out that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Easthampstead. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?

Most houses in Easthampstead are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Easthampstead in which case you should be looking for a Easthampstead conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’sconsent to carry out changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the property is located on an estate. Your lawyer will advise you fully on all the issues.

Last month I purchased a leasehold flat in Easthampstead. Do I have any liability for service charges relating to a period prior to my ownership?

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. However, 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).

I work for a long established estate agent office in Easthampstead where we have witnessed a number of flat sales put at risk as a result of short leases. I have received contradictory information from local Easthampstead conveyancing firms. Please can you clarify whether the owner of a flat can initiate the lease extension process for the buyer?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having 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 disposal of the property.

An alternative approach is to extend the lease informally by agreement with the landlord 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 buyer.

When it comes to leasehold conveyancing in Easthampstead what are the most common lease defects?

There is nothing unique about leasehold conveyancing in Easthampstead. Most leases are individual and drafting errors can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:

  • A provision to repair to or maintain parts of the building
  • Insurance obligations
  • A provision for the recovery of money spent for the benefit of another party.
  • Maintenance charge proportions which don’t add up to the correct percentage

A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Leeds Building Society, and Barclays Direct all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the purchaser to pull out.

I acquired a basement flat in Easthampstead, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Corresponding properties in Easthampstead with an extended lease are worth £170,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease runs out on 21st October 2088

With just 66 years left to run the likely cost is going to be between £13,300 and £15,400 as well as professional fees.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.

Other Topics

Lease Extensions in Easthampstead