Recently asked questions relating to Hartfield leasehold conveyancing
I have just appointed agents to market my 2 bed apartment in Hartfield.Conveyancing is yet to be initiated but I have just received a yearly maintenance charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should clear the service charge 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.
I today plan to offer on a house that seems to be perfect, at a great figure which is making it all the more appealing. I have since been informed that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Hartfield. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Hartfield ?
Most houses in Hartfield are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Hartfield so you should seriously consider looking for a Hartfield 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 number of years remaining. 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. It may be necessary to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your solicitor should appraise you on the various issues.
I am attracted to a two maisonettes in Hartfield which have about 50 years unexpired on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Hartfield is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the value of the property. The majority of buyers and mortgage companies, leases with less than 75 years become less and less attractive. 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 premises 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 a residence 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 Hartfield 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 the agreed 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.
What are your top tips when it comes to finding a Hartfield conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Hartfield conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with two or three firms including non Hartfield conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- How many lease extensions have they completed in Hartfield in the last twenty four months?
Can you provide any advice for leasehold conveyancing in Hartfield from the point of view of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Hartfield can be avoided if you get in touch lawyers the minute your agents start advertising the property and ask them to put together the leasehold documentation which will be required by the buyers lawyers.
- Many landlords or Management Companies in Hartfield levy fees for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Hartfield.
Leasehold Conveyancing in Hartfield - A selection of Questions you should consider before Purchasing
How much is the ground rent and service charge?
Are any of leasehold owners in dispute over their service charge liability?
What prohibitions exist in the Hartfield Lease?