Questions and Answers: Kempston leasehold conveyancing
Estate agents have just been given the go-ahead to market my garden apartment in Kempston.Conveyancing lawyers have not yet been instructed but I have just had a quarterly maintenance charge demand – should I leave it to the buyer to sort out?
It best that you 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 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. This will smooth the conveyancing process.
I am attracted to a couple of apartments in Kempston both have about 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?
A lease is a right to use the premises for a prescribed time frame. As a lease shortens the value of the lease decreases and it becomes more expensive to extend the lease. This is why it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this area
Last month I purchased a leasehold house in Kempston. Do I have any liability for service charges relating to a period prior to my ownership?
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 advice can you give us when it comes to choosing a Kempston conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a Kempston conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non Kempston conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- What volume of lease extensions have they completed in Kempston in the last 12 months?
Do you have any top tips for leasehold conveyancing in Kempston from the perspective of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Kempston can be avoided where you get in touch lawyers the minute you market your property and ask them to collate the leasehold information needed by the buyers representatives.
- If you have carried out any alterations to the residence would they have required Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Kempston state that internal structural alterations or laying down wooden flooring require a licence from the Landlord consenting to such changes. Where you fail to have the paperwork to hand do not contact the landlord without checking with your lawyer before hand.
Kempston Leasehold Conveyancing - A selection of Queries Prior to Purchasing
It is important to be aware if redecorating or some other major work is pending that will be shared by the tenants and will dramatically impact the level of the service charges or require a specific invoice.
The prefered form of lease arrangement is a share of the freehold. In this arrangement the leaseholders have control and even though a managing agent is usually employed where the building is bigger than a house conversion, the managing agent is directed by the tenants.
You should be aware that where the lease has fewer than 80 years it will have adverse implications on the salability of the flat. Check with your bank that they are content with remaining years on the lease. Leases with less than 80 years remaining means that you will most likely require a lease extension sooner rather than later and it is worth discovering how much this would cost. For most Kempstonlease extensions you will be required to have owned the premises for two years before you are entitled to carry out a lease extension.