Questions and Answers: Harrold leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Harrold. Before I get started I require certainty as to the unexpired term of the lease.
If the lease is recorded at the land registry - and most are in Harrold - 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've found a house that appears to meet my requirements, at a reasonable figure which is making it all the more appealing. I have subsequently found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Harrold. Conveyancing solicitors have not yet been instructed. Will they explain the issues?
The majority of houses in Harrold are freehold and not 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 buying in Harrold in which case you should be shopping around for a Harrold conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’spermission to carry out alterations. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your solicitor will report to you on the legal implications.
Last month I purchased a leasehold property in Harrold. Do I have any liability for service charges relating to a period prior to completion of my purchase?
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. 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).
What advice can you give us when it comes to appointing a Harrold conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Harrold conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with several firms including non Harrold conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:
- If the firm is not ALEP accredited then what is the reason?
Do you have any top tips for leasehold conveyancing in Harrold from the point of view of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Harrold can be avoided where you appoint lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold information which will be required by the buyers solicitors.
- Many freeholders or Management Companies in Harrold levy fees for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Harrold.
Leasehold Conveyancing in Harrold - Examples of Questions you should ask Prior to buying
The best form of lease arrangement is if the freehold title is in the ownership of the leaseholders. In this scenario the lessees enjoy control and even though a managing agent is usually retained where it is bigger than a house conversion, the managing agent acts for the leaseholders themselves.
What is the name of the managing agents?
How is the lease structured?