Due to sign contracts shortly on a basement flat in Hartlepool. Conveyancing solicitors have said that they report fully on Monday. What should I be looking out for?

Your report on title for your leasehold conveyancing in Hartlepool should include some of the following:

• You should be sent a copy of the lease

I am hoping to put an offer on a small detached house that appears to be perfect, at a great price which is making it more attractive. I have since found out that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Hartlepool. Conveyancing solicitors have not yet been instructed. Will they explain the issues?

Most houses in Hartlepool are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are buying in Hartlepool in which case you should be looking for a Hartlepool conveyancing practitioner and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’sconsent to conduct changes to the property. It may be necessary to pay a service charge towards the maintenance of the communal areas where the property is part of an estate. Your solicitor should appraise you on the various issues.

I am tempted by the attractive purchase price for a two flats in Hartlepool which have in the region of fifty years remaining on the leases. Do I need to be concerned?

A lease is a right to use the premises for a period of time. As the lease shortens the marketability of the lease deteriorate and results in it becoming more costly to extend the lease. This is why it is advisable to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this area

I've recently bought a leasehold property in Hartlepool. Do I have any liability for service charges relating to a period prior to completion of my purchase?

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. It is an essential part 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).

When it comes to leasehold conveyancing in Hartlepool what are the most frequent lease defects?

There is nothing unique about leasehold conveyancing in Hartlepool. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain elements of the premises
• A duty to insure the building
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, The Mortgage Works, and TSB all have very detailed conveyancing instructions 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.

Hartlepool Leasehold Conveyancing - Sample of Questions you should ask before Purchasing

If a Hartlepool lease has no more than 80 years it will have adverse implications on the marketability of the apartment. It is worth checking with your lender that they are content with remaining years on the lease. Leases with less than 80 years remaining means that you will most likely require a lease extension at some point and you need to have some idea of how much this will be. Remember, in most cases you would be required to have owned the premises for 24 months before you are legally able to exercise a lease extension. Who is in charge of the building? Best to be warned whether a new roof is being put on or some other significant cost is due in the near future to be shared by the leasehold owners and will materially increase the the maintenance costs or require a specific invoice.

Other Topics

Lease Extensions in Hartlepool