Fixed-fee leasehold conveyancing in Formby:

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Top Five Questions relating to Formby leasehold conveyancing

I am in need of some leasehold conveyancing in Formby. Before diving in I would like to find out the number of years remaining on the lease.

Assuming the lease is registered - and 99.9% are in Formby - then the leasehold title will always include the short particulars 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.

Harry (my fiance) and I may need to rent out our Formby ground floor flat for a while due to taking a sabbatical. We used a Formby conveyancing practice in 2001 but they have since shut and we did not have the foresight to get any advice as to whether the lease allows us to sublet. How do we find out?

A lease governs relations between the landlord and you the flat owner; in particular, it will set out if subletting is not allowed, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Formby do not prevent an absolute prevention of subletting – such a provision would undoubtedly devalue the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.

There are only 62 years remaining on my lease in Formby. I now wish to get lease extension but my landlord is missing. What should I do?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to track down the lessor. For most situations a specialist would be useful to carry out a search and to produce an expert document to be accepted by the court as proof that the landlord can not be located. It is advisable to get professional help from a property lawyer in relation to proving the landlord’s disappearance and the vesting order request to the County Court covering Formby.

I’m about to sell my ground floor apartment in Formby.Conveyancing is yet to be initiated but I have just had a quarterly service charge demand – what should I do?

It best that you discharge 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.

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

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 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).

Formby Conveyancing for Leasehold Flats - Sample of Questions you should ask before buying

    Please note if it is fewer than 80 years it will affect the salability of the apartment. It is worth checking with your bank that they are content with the length of the lease. A short lease means that you will almost definitely need a lease extension sooner rather than later and you need to have some idea of how much this would cost. For most Formbylease extensions you would need to own the residence for a couple of years in order to be eligible to carry out a lease extension. Its a good idea to find out as much as possible concerning the managing agents as they will either make your life much simpler or uncomfortable. As the owner of a leasehold property you will be in the clutches of the managing agents both financially and when it comes to practical matters such as the upkeep of the common parts. Ask other people if they are happy with their management. In conclusion, be sure you understand the dates that you are obliged pay the service charge to the appropriate party and precisely what you get for your money. It is important to be aware whether a new roof is being installed or some other major work is coming up that will be shared amongst the tenants and could well materially increase the the maintenance costs or result in a one off invoice.

Other Topics

Lease Extensions in Formby