Common questions relating to Great Harwood leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Great Harwood. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.
Assuming the lease is registered - and almost all are in Great Harwood - 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.
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a reasonable price which is making it more attractive. I have subsequently discovered that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Great Harwood. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Great Harwood ?
The majority of houses in Great Harwood are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Great Harwood so you should seriously consider looking for a Great Harwood conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your lawyer should advise you fully on all the issues.
Last month I purchased a leasehold house in Great Harwood. Do I have any liability for service charges for periods before my ownership?
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. 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).
What advice can you give us when it comes to appointing a Great Harwood conveyancing practice to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Great Harwood conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with several firms including non Great Harwood conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- How many lease extensions have they conducted in Great Harwood in the last year?
What are the common problems that you witness in leases for Great Harwood properties?
Leasehold conveyancing in Great Harwood is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the building
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
You will encounter 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, The Mortgage Works, and Aldermore 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 withdraw.
Great Harwood Leasehold Conveyancing - A selection of Queries Prior to buying
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Is anyone aware of any major works anticipated that will increase the service fees?
Does the lease have in excess of 80 years left?
The majority of Great Harwood leasehold properties will be liable to pay a service charge for the upkeep of the building levied by the freeholder. Where you buy the apartment you will have to pay this amount, normally quarterly throughout the year. This may be anything from two or three hundred pounds to thousands of pounds for bigger purpose-built buildings. In all probability there will be a rentcharge to be met annual, ordinarily this is not a exorbitant figure, say around £25-£75 but you need to check it because occasionally it could be surprisingly expensive.
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