Kemp Town leasehold conveyancing: Q and A’s
Expecting to sign contracts shortly on a ground floor flat in Kemp Town. Conveyancing lawyers assured me that they are sending me a report next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Kemp Town should include some of the following:
- How long the lease is You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark
I've found a house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have since found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Kemp Town. Conveyancing solicitors have are about to be appointed. Will they explain the issues?
Most houses in Kemp Town are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are buying in Kemp Town in which case you should be looking for a Kemp Town conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your solicitor should advise you fully on all the issues.
I am tempted by the attractive purchase price for a couple of apartments in Kemp Town which have about forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Kemp Town. The lease is a right to use the property for a prescribed time frame. As the lease shortens the saleability of the lease decreases and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this arena
I work for a busy estate agent office in Kemp Town where we have witnessed a number of leasehold sales jeopardised as a result of short leases. I have been given contradictory information from local Kemp Town conveyancing solicitors. Could you confirm whether the owner of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has owned the lease 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 can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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.
What are your top tips when it comes to appointing a Kemp Town conveyancing firm to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Kemp Town conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Kemp Town conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- How many lease extensions has the firm completed in Kemp Town in the last twenty four months?
Kemp Town Conveyancing for Leasehold Flats - Sample of Questions you should consider before buying
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It is important to be aware whether redecorating or some other major work is due shortly that will be shared between the leaseholders and may well dramatically increase the the maintenance costs or require a one off invoice.
The prefered form of lease arrangement is if the freehold title is in the ownership of the leaseholders. In this scenario the tenants enjoy control and although a managing agent is often employed if it is bigger than a house conversion, the managing agent acts for the leaseholders themselves.
Its a good idea to discover as much as you can about the managing agents as they will either make living at the property much easier or much more difficult. Being a leasehold owner you are frequently in the clutches of the managing agents both financially and when it comes to day to day issues such as the tidiness of the communal areas. Enquire of other people what they think of them. In conclusion, find out the dates that you are obliged pay the service charge to the appropriate party and precisely how they are spending that money.
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