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Top Five Questions relating to Fenham leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Fenham. Before I get started I would like to find out the unexpired term of the lease.

Assuming the lease is registered - and most are in Fenham - 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 appointed agents to market my 2 bed apartment in Fenham.Conveyancing has not commenced but I have just had a half-yearly service charge invoice – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should 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 managing agents 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 hoping to put an offer on a small detached house that appears to meet my requirements, at a great figure which is making it more attractive. I have since been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Fenham. Conveyancing advisers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Fenham ?

Most houses in Fenham are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Fenham so you should seriously consider shopping around for a Fenham conveyancing practitioner and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’spermission to conduct changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the house is located on an estate. Your lawyer will report to you on the legal implications.

I've recently bought a leasehold house in Fenham. Do I have any liability for service charges for periods before my ownership?

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 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).

Do you have any top tips for leasehold conveyancing in Fenham from the perspective of saving time on the sale process?

  • Much of the delay in leasehold conveyancing in Fenham can be avoided if you appoint lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold information needed by the buyers solicitors.
  • The majority freeholders or managing agents in Fenham levy fees for providing management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Fenham.
  • If you have carried out any alterations to the property would they have required Landlord’s approval? Have you, for example installed wooden flooring? Fenham leases often stipulate that internal structural changes or installing wooden flooring calls for a licence issued by the Landlord consenting to such works. Where you dont have the approvals in place do not contact the landlord without contacting your conveyancer before hand.
  • If you are supposed to have a share in the freehold, you should make sure that you are holding the original share certificate. Organising a replacement share certificate is often a lengthy process and frustrates many a Fenham home move. Where a new share is required, you should approach the company officers or managing agents (if applicable) for this sooner rather than later.
  • You may think that you are aware of the number of years remaining on your lease but you should verify this via your solicitors. A buyer’s conveyancer will not be happy to advise their client to where the lease term is under 80 years. It is therefore important 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 property on the market for sale.

    • Fenham Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing

      How much is the ground rent and service charge? Is the freehold reversion owned collectively by the leaseholders? You should want to discover as much as you can about the company managing the block as they can either make living at the property much easier or uncomfortable. Being a leasehold owner you will be in the clutches of the managing agents both financially and when it comes to daily issues like the upkeep of the communal areas. You should not be afraid to ask prospective neighbours whether they are happy with them. On a final note, find out the dates that you are obliged pay the service charge to the appropriate party and specifically what it includes.

    Other Topics

    Lease Extensions in Fenham