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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
  • The physical extent of the demise. This will be the property itself but may incorporate a roof space or cellar if appropriate.
  • Are you allowed to have a pet in the flat?
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • Whether your lease has a provision for a reserve fund?
  • You should have a good understanding of the insurance provisions
  • Repair and maintenance of the flat For a comprehensive list of information to be included in your report on your leasehold property in Kelvedon please enquire of your solicitor in ahead of your conveyancing in Kelvedon

    • 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 they put you in touch with client in Kelvedon who can give a testimonial?

    • 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.
  • Some Kelvedon leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is able to meet 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 lawyers.
  • If you have had conflict with your freeholder or managing agents it is very important that these are settled prior to the flat being marketed. The buyers and their solicitors will be concerned about purchasing a property where a dispute is unsettled. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to present the dispute as historic as opposed to unresolved.
  • You believe that you know the number of years remaining on your lease but it would be advisable double-check by asking your solicitors. A buyer’s lawyer will not be happy to advise their client to where the remaining number of years is under 80 years. It is therefore essential at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • 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?

    Other Topics

    Lease Extensions in Kelvedon