Examples of recent questions relating to leasehold conveyancing in Kelvedon
I am hoping to exchange soon on a leasehold property in Kelvedon. Conveyancing solicitors have said that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Kelvedon should include some of the following:
- How long the lease is You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
Last month I purchased a leasehold property in Kelvedon. Do I have any liability for service charges relating to a period prior to completion of my purchase?
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. 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).
I am a negotiator for a long established estate agency in Kelvedon where we have witnessed a few flat sales put at risk due to short leases. I have received conflicting advice from local Kelvedon conveyancing solicitors. Please can you confirm whether the seller of a flat can initiate the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Can you offer any advice when it comes to choosing a Kelvedon conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Kelvedon conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with two or three firms including non Kelvedon conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:
- If the firm is not ALEP accredited then why not?
Can you provide any top tips for leasehold conveyancing in Kelvedon from the perspective of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Kelvedon can be bypassed where you get in touch lawyers as soon as you market your property and ask them to put together the leasehold documentation which will be required by the purchasers’ representatives.
- If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you laid down wooden flooring? Kelvedon leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence from the Landlord acquiescing to such works. If you fail to have the consents to hand you should not communicate with the landlord without checking with your lawyer first.
Leasehold Conveyancing in Kelvedon - Examples of Questions you should consider before Purchasing
The answer will be useful as a) areas could result in problems in the building as the common areas may begin to deteriorate if services remain unpaid b) if the leasehold owners have an issue with the running of the building you will need to have all the details
Who are the managing agents?
Are there any major works in the near future that could increase the service charges?