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Top Five Questions relating to Hoole leasehold conveyancing

I today plan to offer on a house that seems to tick a lot of boxes, at a great price which is making it all the more appealing. I have just discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Hoole. Conveyancing advisers have are soon to be appointed. Will they explain the issues?

Most houses in Hoole are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Hoole in which case you should be shopping around for a Hoole conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’sconsent to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your conveyancer should report to you on the legal implications.

My wife and I purchased a leasehold flat in Hoole. Conveyancing and Platform Home Loans Ltd mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1996. The conveyancing solicitor in Hoole who acted for me is not around.Do I pay?

First contact the Land Registry to make sure that this person is in fact the new freeholder. There is no need to instruct a Hoole conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

Last month I purchased a leasehold property in Hoole. Am I liable to pay service charges for periods before my ownership?

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. A critical element 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).

What advice can you give us when it comes to appointing a Hoole conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a solicitor for lease extension works (regardless if they are a Hoole conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with several firms including non Hoole conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:

  • If the firm is not ALEP accredited then what is the reason?
  • How many lease extensions have they carried out in Hoole in the last year?

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

    • A significant proportion of the delay in leasehold conveyancing in Hoole can be bypassed where you appoint lawyers the minute you market your property and request that they start to collate the leasehold information which will be required by the purchasers’ solicitors.
    • If you have carried out any alterations to the premises would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Hoole state that internal structural alterations or addition of wooden flooring necessitate a licence issued by the Landlord acquiescing to such alterations. Where you dont have the approvals in place do not contact the landlord without checking with your solicitor in the first instance.
  • A minority of Hoole leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain 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 buyers or their lawyers.
  • If there is a history of conflict with your landlord or managing agents it is essential that these are settled before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may need to swallow your pride and discharge 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 better to reveal the dispute as historic as opposed to unsettled.
  • 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 conveyancer will be unlikely to recommend their client to where the lease term is below 75 years. It is therefore important at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • Leasehold Conveyancing in Hoole - A selection of Queries Prior to buying

      How many years are left on the lease? The best form of lease arrangement is if the freehold reversion is in the ownership of the leaseholders. In this scenario the leaseholders have control and even though a managing agent is frequently employed if it is larger than a house conversion, the managing agent acts for the leaseholders themselves. Most Hoole leasehold flats will be liable to pay a service charge for maintenance of the block set by the landlord. Where you buy the property you will have to pay this charge, normally in instalments during the year. This can be anything from a few hundred pounds to thousands of pounds for large purpose-built blocks. In all likelihood there will be a ground rent to be met yearly, ordinarily this is not a large sum, say approximately £50-£100 but you should to check as sometimes it could be many hundreds of pounds.

    Other Topics

    Lease Extensions in Hoole