Top Five Questions relating to Hungerford leasehold conveyancing
I want to rent out my leasehold apartment in Hungerford. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
A lease dictates relations between the freeholder and you the leaseholder; in particular, it will indicate if subletting is not allowed, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Hungerford do not prevent subletting altogether – such a clause would undoubtedly devalue the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.
I have just appointed agents to market my basement apartment in Hungerford.Conveyancing is yet to be initiated but I have just received a half-yearly service charge demand – Do I pay up?
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've found a house that seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have subsequently found out that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in Hungerford. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Hungerford ?
The majority of houses in Hungerford are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Hungerford so you should seriously consider shopping around for a Hungerford conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’spermission to carry out changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the property is located on an estate. Your solicitor should advise you fully on all the issues.
I've recently bought a leasehold flat in Hungerford. Am I liable to pay service charges relating to a period prior to my ownership?
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. A critical element 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).
Completion in due on our sale of a £175000 maisonette in Hungerford in just under a week. The freeholder has quoted £396 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Hungerford?
Hungerford conveyancing on leasehold maisonettes often requires the purchaser’s solicitor sending questions for the landlord to address. Although the landlord is not legally bound to respond to such questions the majority will be content to assist. They are entitled charge a reasonable charge for answering enquiries 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 management information fee required by the landlord must be sent together with a summary of entitlements and obligations in relation to administration charges, without which the charge is technically not due. Reality however dictates that one has little choice but to pay whatever is demanded should you wish to exchange contracts with the buyer.
Hungerford Conveyancing for Leasehold Flats - Sample of Queries Prior to buying
Generally speaking the cost for major works are not included within service charges, albeit that some managing agents in Hungerford obliged tenants to contribute towards a sinking fund created for the specific intention of building a fund for larger works.
Make sure you discover if there is anything that is prohibited in the lease. For example plenty of leases prohibit pets being allowed in certain buildings in Hungerford. If you like the apartmentin Hungerford but your cat can’t make the move with you then you will be presented with a difficult compromise.
Plenty Hungerford leasehold apartments will be liable to pay a service bill for maintenance of the building set on behalf of the landlord. Should you purchase the apartment you will have to pay this amount, normally in instalments accross the year. This could differ from a few hundred pounds to thousands of pounds for buildings with lifts and large common grounds. There will also be a rentcharge for you to pay annual, ordinarily this is not a exorbitant amount, say around £25-£75 but you should to enquire as on occasion it could be prohibitively expensive.