Frequently asked questions relating to Histon leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Histon. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.
If the lease is registered - and most are in Histon - 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.
Looking forward to sign contracts shortly on a ground floor flat in Histon. Conveyancing lawyers have said that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Histon should include some of the following:
- The total extent of the property. This will be the property itself but may include a roof space or cellar if applicable.
I've found a house that appears to be perfect, at a great price which is making it more attractive. I have just found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Histon. Conveyancing lawyers have not yet been appointed. Will they explain the issues?
The majority of houses in Histon are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Histon in which case you should be looking for a Histon conveyancing practitioner and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’spermission to carry out alterations. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the house is part of an estate. Your lawyer should report to you on the legal implications.
I am employed by a long established estate agent office in Histon where we see a few leasehold sales derailed due to leases having less than 80 years remaining. I have received inconsistent advice from local Histon conveyancing firms. Please can you shed some light as to whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.
What makes a Histon lease problematic?
Leasehold conveyancing in Histon is not unique. Most leases are unique and drafting errors can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the property
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, The Royal Bank of Scotland, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to withdraw.
Histon Conveyancing for Leasehold Flats - Examples of Questions you should ask Prior to Purchasing
Plenty Histon leasehold properties will be liable to pay a service bill for maintenance of the building invoiced by the management company. Should you acquire the flat you will have to meet this amount, normally quarterly throughout the year. This could vary from a couple of hundred pounds to thousands of pounds for blocks with lifts and large common grounds. In all likelihood there will be a rentcharge for you to pay yearly, this is usually not a significant sum, say around £50-£100 but you should to check as occasionally it can be surprisingly expensive.
Does the lease have more than 80 years unexpired?
Be sure to discover if there are any onerous restrictions in the lease. For example it is very common in Histon leases that pets are not permitted in certain buildings in Histon. If you love the flatin Histon yet your cat is not allowed to move with you then you will be presented with a difficult decision.