Estate agents have just been given the go-ahead to market my garden apartment in Ferryhill.Conveyancing is yet to be initiated but I have just had a yearly service charge invoice – what should I do?

The sensible thing to do is 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 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 appears to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have just found out that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Ferryhill. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Ferryhill ?

Most houses in Ferryhill are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Ferryhill in which case you should be looking for a Ferryhill conveyancing practitioner and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your solicitor will advise you fully on all the issues.

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

In a situation 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. A critical element 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).

What advice can you give us when it comes to appointing a Ferryhill conveyancing firm to deal with our lease extension?

If you are instructing a property lawyer for your lease extension (regardless if they are a Ferryhill conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Ferryhill conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:

• If the firm is not ALEP accredited then why not?

In relation to leasehold conveyancing in Ferryhill what are the most frequent lease problems?

Leasehold conveyancing in Ferryhill is not unique. All leases are unique and drafting errors can sometimes mean that certain clauses are erroneous. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the property
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

You could have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Virgin Money, and Bank of Ireland all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to withdraw.

Ferryhill Leasehold Conveyancing - A selection of Questions you should consider Prior to buying

You should be aware if it is no more than 80 years it will impact the value of the flat. It is worth checking with your mortgage company that they are willing to to proceed 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 it is worth discovering what this will be. Remember, in most cases you will need to own the property for a couple of years in order to be entitled to exercise a lease extension. Make sure you discover if the the lease contains any adverse restrictions in the lease. For instance some leases prohibit pets being allowed in in a block in Ferryhill. If you like the apartmentin Ferryhill however your cat can’t make the move with you then you will be presented with a difficult choice. It is important to be aware if window replacement or some other major work is due shortly to be shared between the leasehold owners and may well dramatically impact the level of the service costs or result in a specific payment.

Other Topics

Lease Extensions in Ferryhill