Leasehold Conveyancing in Hurworth - Get a Quote from the leasehold experts approved by your lender

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Any conveyancing practice can theoretically deal with your leasehold conveyancing in Hurworth, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Recently asked questions relating to Hurworth leasehold conveyancing

I have just appointed agents to market my ground floor apartment in Hurworth.Conveyancing is yet to be initiated but I have just had a half-yearly service charge demand – should I leave it to the buyer to sort out?

Your conveyancing lawyer is likely to suggest that you should clear 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 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.

My wife and I purchased a leasehold flat in Hurworth. Conveyancing and Nottingham Building Society mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Hurworth who acted for me is not around.Any advice?

First make enquiries of the Land Registry to be sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to instruct a Hurworth conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am looking at a couple of apartments in Hurworth which have about fifty years left on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Hurworth is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. For most purchasers and banks, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Hurworth conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Do you have any advice for leasehold conveyancing in Hurworth from the perspective of speeding up the sale process?

  • Much of the delay in leasehold conveyancing in Hurworth can be bypassed if you get in touch lawyers as soon as your agents start advertising the property and ask them to collate the leasehold documentation needed by the buyers representatives.
  • Many freeholders or Management Companies in Hurworth levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Hurworth.
  • 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 Hurworth state that internal structural changes or addition of wooden flooring necessitate a licence issued by the Landlord approving such works. Where you fail to have the consents in place you should not contact the landlord without checking with your conveyancer first.
  • A minority of Hurworth 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 put in hand bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying 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 service charge figures so that they can pass this information on to the purchasers or their solicitors.
  • If you hold a share in a the Management Company, you should ensure that you are holding the original share document. Obtaining a re-issued share certificate can be a time consuming formality and slows down many a Hurworth conveyancing deal. If a reissued share is needed, do contact the company director and secretary or managing agents (if applicable) for this at the earliest opportunity.

    • Are there common defects that you come across in leases for Hurworth properties?

    Leasehold conveyancing in Hurworth is not unique. Most leases are unique and drafting errors can result in certain provisions are erroneous. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the building
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You will encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Bank of Scotland, and Nottingham Building Society 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 is problematic they may refuse to provide security, obliging the buyer to pull out.

    Leasehold Conveyancing in Hurworth - A selection of Queries Prior to Purchasing

      Who is in charge of the building? Be sure to find out if there are any onerous restrictions in the lease. By way of example it is reasonably common in Hurworth leases that pets are not allowed in in a block in Hurworth. If you like the apartmentin Hurworth however your dog can’t move with you then you have a very hard decision. The best form of lease structure is if the freehold interest is owned by the leaseholders. In this scenario the leaseholders enjoy being in charge if their destiny and notwithstanding that a managing agent is frequently retained where it is larger than a house conversion, the managing agent employed by the leaseholders.

    Other Topics

    Lease Extensions in Hurworth