Experts for Leasehold Conveyancing in Hawkshead

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Examples of recent questions relating to leasehold conveyancing in Hawkshead

I've found a house that seems to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have since been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Hawkshead. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Hawkshead ?

The majority of houses in Hawkshead are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Hawkshead so you should seriously consider looking for a Hawkshead conveyancing practitioner and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’sconsent to carry out alterations. You may also be required to pay a service charge towards the upkeep of the estate where the property is part of an estate. Your conveyancer will advise you fully on all the issues.

I am looking at a two apartments in Hawkshead both have about forty five years left on the lease term. Do I need to be concerned?

A lease is a right to use the property for a period of time. As a lease gets shorter the marketability of the lease deteriorate and results in it becoming more expensive to extend the lease. This is why it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this area

Last month I purchased a leasehold flat in Hawkshead. Am I liable to pay service charges relating to a period prior to completion of my purchase?

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 be sure 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 finding a Hawkshead conveyancing firm to deal with our lease extension?

When appointing a conveyancer for lease extension works (regardless if they are a Hawkshead conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non Hawkshead conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

  • How familiar is the practice with lease extension legislation?
  • What are the charges for lease extension work?

  • Do you have any top tips for leasehold conveyancing in Hawkshead with the aim of expediting the sale process?

    • Much of the frustration in leasehold conveyancing in Hawkshead can be bypassed where you instruct lawyers as soon as your agents start advertising the property and ask them to put together the leasehold documentation which will be required by the purchasers’ solicitors.
    • The majority landlords or Management Companies in Hawkshead levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Hawkshead.
  • Some Hawkshead leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers.
  • If there is a history of conflict with your freeholder or managing agents it is very important that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be warry about purchasing a flat where there is an ongoing dispute. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over as opposed to unsettled.
  • If you have the benefit of shareholding in the Management Company, you should ensure that you have the original share document. Arranging a replacement share certificate is often a time consuming process and frustrates many a Hawkshead home move. Where a reissued share is required, do contact the company director and secretary or managing agents (where relevant) for this as soon as possible.

  • Hawkshead Leasehold Conveyancing - Sample of Queries before buying

      It is important to be aware if window replacement or some other significant cost is due shortly that will be shared between the tenants and may well dramatically increase the the service fees or necessitate a specific invoice. Does the lease have in excess of 90 years remaining? Its a good idea to discover as much as possible about the managing agents as they will affect your use and enjoyment of the property. As the owner of a leasehold property you are frequently in the clutches of the managing agents both financially and when it comes to day to day issues like the cleanliness of the common parts. Don't be shy to ask other people what they think of them. In conclusion, be sure you understand the dates that you are obliged pay the service charge to the appropriate party and precisely what you get for your money.

    Other Topics

    Lease Extensions in Hawkshead