Fixed-fee leasehold conveyancing in Great Ayton:

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Recently asked questions relating to Great Ayton leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Great Ayton. Before I get started I would like to find out the remaining lease term.

If the lease is registered - and 99.9% are in Great Ayton - 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 am attracted to a two flats in Great Ayton both have in the region of fifty years remaining on the leases. Do I need to be concerned?

There are plenty of short leases in Great Ayton. The lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the saleability of the lease decreases and results in it becoming more costly to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this arena

I've recently bought a leasehold house in Great Ayton. 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. 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 am a negotiator for a reputable estate agency in Great Ayton where we have witnessed a few flat sales put at risk as a result of leases having less than 80 years remaining. I have received contradictory information from local Great Ayton conveyancing solicitors. Can you clarify whether the seller of a flat can initiate the lease extension formalities for the buyer?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.

An alternative approach is to agree the lease extension with the freeholder 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.

Can you provide any top tips for leasehold conveyancing in Great Ayton from the point of view of expediting the sale process?

  • Much of the frustration in leasehold conveyancing in Great Ayton can be bypassed if you appoint lawyers the minute your agents start advertising the property and ask them to put together the leasehold information needed by the purchasers’ solicitors.
  • The majority freeholders or managing agents in Great Ayton levy fees for providing management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management information sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Great Ayton.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Great Ayton state that internal structural alterations or laying down wooden flooring necessitate a licence issued by the Landlord acquiescing to such alterations. Where you fail to have the approvals to hand you should not communicate with the landlord without checking with your lawyer first.
  • If there is a history of conflict with your freeholder or managing agents it is essential that these are settled prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is better to present the dispute as over as opposed to unresolved.
  • If you are supposed to have a share in the freehold, you should ensure that you are holding the original share certificate. Arranging a replacement share certificate is often a lengthy process and delays many a Great Ayton home move. If a new share is required, you should approach the company officers or managing agents (if applicable) for this sooner rather than later.

    • Leasehold Conveyancing in Great Ayton - Examples of Questions you should consider before Purchasing

      On the whole the cost for major works are not wrapped into the service charges, albeit that some managing agents in Great Ayton ask tenants to pay into a sinking fund and this is used to offset against major works. You will want to discover as much as possible regarding the company managing the block as they will either make living at the property much simpler or uncomfortable. Being a leasehold owner you will be at the mercy of the managing agents both financially and when it comes to every day matters like the tidiness of the communal areas. Enquire of other tenants what they think of their service. In conclusion, investigate as to the dates that the maintenance fees are due to the managing agents and precisely what you get for your money. Are any of leasehold owners in arrears of their service charge liability?

    Other Topics

    Lease Extensions in Great Ayton