I am in need of some leasehold conveyancing in Grimsby. Before I get started I require certainty as to the remaining lease term.

Assuming the lease is recorded at the land registry - and most are in Grimsby - 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 meet my requirements, at a great figure which is making it all the more appealing. I have since found out that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Grimsby. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Grimsby ?

The majority of houses in Grimsby are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Grimsby in which case you should be shopping around for a Grimsby conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’sconsent to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your lawyer should advise you fully on all the issues.

I am looking at a couple of apartments in Grimsby which have about 50 years remaining on the leases. Do I need to be concerned?

There are no two ways about it. A leasehold apartment in Grimsby is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of buyers and mortgage companies, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Grimsby conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Last month I purchased a leasehold property in Grimsby. Am I liable to pay service charges for periods before 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).

What advice can you give us when it comes to choosing a Grimsby conveyancing practice to deal with our lease extension?

When appointing a solicitor for lease extension works (regardless if they are a Grimsby 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 make enquires with several firms including non Grimsby conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:

• What volume of lease extensions has the firm completed in Grimsby in the last 12 months?

Grimsby Leasehold Conveyancing - Examples of Questions you should ask Prior to Purchasing

Please note that where the lease has fewer than eighty years it will affect the marketability of the property. Check with your bank that they are happy with remaining years on the lease. Leases with less than 80 years remaining means that you will almost definitely require a lease extension at some point and it is worth discovering what this will be. Remember, in most cases you would be required to have owned the residence for a couple of years before you are eligible to carry out a lease extension. You will want to find out as much as you can regarding the company managing the building as they will affect your use and enjoyment of the property. Being a leasehold owner you are often at the mercy of the managing agents from a financial perspective and when it comes to practical issues like the tidiness of the communal areas. Ask other people what they think of them. Finally, investigate as to the dates that you are obliged pay the maintenance charge to the relevant party and specifically how they are spending that money. In the main the outlay for major works tend not to be built into the maintenance charges, although some managing agents in Grimsby obliged tenants to pay into a sinking fund created for the specific intention of establishing a fund for major works.

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Lease Extensions in Grimsby