Holywell leasehold conveyancing Example Support Desk Enquiries
I have just started marketing my 2 bed apartment in Holywell.Conveyancing solicitors are to be appointed soon but I have just had a yearly maintenance charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is 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 am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have subsequently found out that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Holywell. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Holywell ?
The majority of houses in Holywell are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are purchasing in Holywell so you should seriously consider looking for a Holywell conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’spermission to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your lawyer will report to you on the legal implications.
Last month I purchased a leasehold property in Holywell. Do I have any liability for service charges for periods before my ownership?
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).
I am a negotiator for a long established estate agency in Holywell where we have witnessed a number of flat sales put at risk as a result of short leases. I have been given contradictory information from local Holywell conveyancing firms. Can you clarify whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, 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 purchaser.
Can you provide any top tips for leasehold conveyancing in Holywell with the purpose of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Holywell can be reduced where you instruct lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation which will be required by the purchasers’ conveyancers.
- Many landlords or managing agents in Holywell levy fees for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for as soon as you have 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 frustration in leasehold conveyancing in Holywell.
Leasehold Conveyancing in Holywell - A selection of Questions you should consider before buying
How long is the Lease?
The best form of lease structure is if the freehold title is owned by the leaseholders. In this situation the lessees have being in charge if their destiny and even though a managing agent is usually employed where the building is bigger than a house conversion, the managing agent is directed by the tenants.
You will want to find out as much as you can regarding the company managing the block as they can either make your life much easier or a lot more difficult. As the owner of a leasehold property you will be at the mercy of the managing agents from a financial perspective and when it comes to practical issues such as the cleanliness of the common parts. Enquire of other people what they think of their management. In conclusion, investigate as to the dates that the service charges are due to the relevant party and precisely what it includes.