Questions and Answers: Huntingdon leasehold conveyancing
I am on look out for some leasehold conveyancing in Huntingdon. Before I set the wheels in motion I require certainty as to the remaining lease term.
If the lease is registered - and almost all are in Huntingdon - then the leasehold title will always include the basic details 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.
I’m about to sell my 2 bed apartment in Huntingdon.Conveyancing lawyers have not yet been instructed but I have just received a yearly maintenance charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is pay the invoice 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 unless 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 more attractive. I have just been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Huntingdon. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?
The majority of houses in Huntingdon are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are purchasing in Huntingdon so you should seriously consider shopping around for a Huntingdon conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is located on an estate. Your conveyancer will appraise you on the various issues.
Last month I purchased a leasehold flat in Huntingdon. Am I liable to pay service charges relating to a period prior to completion of my purchase?
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. 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).
What makes a Huntingdon lease defective?
There is nothing unique about leasehold conveyancing in Huntingdon. Most leases is drafted differently and drafting errors can result in certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the property
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Norwich and Peterborough Building Society, and Clydesdale 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 does not cover certain provisions they may refuse to provide security, obliging the purchaser to pull out.
Leasehold Conveyancing in Huntingdon - A selection of Queries before buying
This information is useful as a) areas can cause problems in the block as the communal areas may begin to deteriorate if maintenance remain unpaid b) if the tenants have an issue with the running of the building you will want to have complete disclosure
Does this lease have more than 82 years unexpired?
Make sure you find out if the the lease includes any onerous restrictions in the lease. For instance it is very common in Huntingdon leases that pets are not permitted in in a block in Huntingdon. If you like the apartmentin Huntingdon yet your cat can’t move with you then you will be presented with a hard choice.