Sample questions relating to Houghton Regis leasehold conveyancing
I am attracted to a two flats in Houghton Regis both have approximately forty five years remaining on the leases. Will this present a problem?
A lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the marketability of the lease decreases and it becomes more expensive to extend the lease. This is why it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this field
Last month I purchased a leasehold house in Houghton Regis. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation 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. 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 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 are your top tips when it comes to choosing a Houghton Regis conveyancing practice to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Houghton Regis conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Houghton Regis conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:
- How familiar is the practice with lease extension legislation?
Do you have any advice for leasehold conveyancing in Houghton Regis with the intention of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Houghton Regis can be avoided if you appoint lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold information needed by the purchasers’ representatives.
- If you have carried out any alterations to the residence would they have required Landlord’s permission? In particular have you installed wooden flooring? Most leases in Houghton Regis state that internal structural changes or addition of wooden flooring calls for a licence from the Landlord consenting to such changes. Should you fail to have the approvals to hand you should not communicate with the landlord without contacting your conveyancer in advance.
If all goes to plan we aim to complete our sale of a £475000 apartment in Houghton Regis next week. The landlords agents has quoted £360 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Houghton Regis?
Houghton Regis conveyancing on leasehold apartments normally involves the buyer’s solicitor sending questions for the landlord to answer. Although the landlord is not legally bound to respond to such questions most will be willing to assist. They are entitled invoice a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some transactions it is above £800. The administration charge demanded by the landlord must be sent together with a synopsis of rights and obligations in relation to administration fees, without which the charge is technically not due. Reality however dictates that you have no choice but to pay whatever is requested of you if you want to sell the property.
Houghton Regis Conveyancing for Leasehold Flats - A selection of Queries Prior to buying
What is the name of the managing agents?
Is there a share of the freehold?
How many of the leaseholders are in arrears for their maintenance charge payments?