Experts for Leasehold Conveyancing in Hethersett

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While any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Hethersett, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Questions and Answers: Hethersett leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Hethersett. Before diving in I require certainty as to the unexpired term of the lease.

Assuming the lease is registered - and 99.9% are in Hethersett - 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.

Estate agents have just been given the go-ahead to market my 2 bed apartment in Hethersett.Conveyancing is yet to be initiated but I have just had a half-yearly service charge invoice – what should I do?

Your conveyancing lawyer is likely to suggest that you should pay the invoice 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 management companies 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've recently bought a leasehold house in Hethersett. Am I liable to pay 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 owner 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. 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).

I am employed by a busy estate agent office in Hethersett where we have experienced a few flat sales jeopardised as a result of short leases. I have received conflicting advice from local Hethersett conveyancing firms. Can you shed some light as to whether the vendor of a flat can initiate the lease extension process for the buyer?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.

An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

Can you provide any advice for leasehold conveyancing in Hethersett from the point of view of saving time on the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Hethersett can be bypassed if you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the buyers lawyers.
  • Many landlords or managing agents in Hethersett charge for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Hethersett.
  • A minority of Hethersett leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet 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 actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
  • If there is a history of any disputes with your freeholder or managing agents it is essential that these are settled before the property is marketed. The purchasers and their solicitors will be nervous about purchasing a property where a dispute is ongoing. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic as opposed to unresolved.
  • You believe that you know the number of years left on your lease but it would be wise to double-check by asking your solicitors. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the remaining number of years is less than 75 years. In the circumstances it is important at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • Hethersett Leasehold Conveyancing - Examples of Questions you should consider before buying

      The answer will be important as a) areas may cause problems for the block as the common areas may begin to deteriorate where maintenance remain unpaid b) if the leasehold owners have an issue with the running of the building you will wish to know about it It is important to be aware if fixing the lift or some other major work is pending that will be shared by the leaseholders and will dramatically impact the level of the maintenance fees or require a specific payment. How is the lease structured?

    Other Topics

    Lease Extensions in Hethersett