Fixed-fee leasehold conveyancing in Kimbolton:

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Leasehold conveyancing in Kimbolton is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Kimbolton and throughout next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Kimbolton leasehold conveyancing: Q and A’s

I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable price which is making it more attractive. I have subsequently been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Kimbolton. Conveyancing solicitors have are about to be appointed. Will they explain the issues?

The majority of houses in Kimbolton are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Kimbolton in which case you should be looking for a Kimbolton conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a service charge towards the upkeep of the estate where the property is located on an estate. Your solicitor will advise you fully on all the issues.

I own a leasehold flat in Kimbolton. Conveyancing and The Mortgage Works mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1993. The conveyancing solicitor in Kimbolton who acted for me is not around.What should I do?

The first thing you should do is make enquiries of HMLR to be sure that this person is in fact the new freeholder. You do not need to incur the fees of a Kimbolton conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. 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've recently bought a leasehold property in Kimbolton. Do I have any liability for service charges for periods before completion of my purchase?

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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part 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).

Can you provide any advice for leasehold conveyancing in Kimbolton with the aim of speeding up the sale process?

  • Much of the delay in leasehold conveyancing in Kimbolton can be reduced if you instruct lawyers as soon as you market your property and ask them to put together the leasehold documentation which will be required by the purchasers’ conveyancers.
  • Many freeholders or Management Companies in Kimbolton charge for providing management packs for a leasehold property. You or your lawyers should enquire as to 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 typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Kimbolton.
  • If you have carried out any alterations to the residence would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Kimbolton state that internal structural alterations or addition of wooden flooring necessitate a licence issued by the Landlord consenting to such works. If you dont have the consents to hand do not contact the landlord without checking with your lawyer in advance.
  • If there is a history of any disputes with your landlord or managing agents it is essential that these are settled prior to the flat being marketed. The purchasers and their solicitors will be nervous about purchasing a property where a dispute is unsettled. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. 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 particulars of the dispute to the buyers, but it is better to reveal the dispute as historic rather than unsettled.
  • You may think that you are aware of the number of years remaining on your lease but you should verify this via your solicitors. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. In the circumstances it is important at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • What makes a Kimbolton lease unmortgageable?

    Leasehold conveyancing in Kimbolton is not unique. All leases is drafted differently and drafting errors can result in certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the building
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You may have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Barnsley Building Society, and Clydesdale all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to pull out.

    Kimbolton Leasehold Conveyancing - Examples of Queries before Purchasing

      Is the freehold owned jointly by the tenants? You should be aware if it is fewer than eighty years it will affect the salability of the property. Check with your lender that they are willing to go ahead with the loan given the lease term. A short lease means that you will almost definitely have to extend the lease at some point and it is worth finding out what this will be. Remember, in most cases you would be required to have been the owner of the premises for two years before you are eligible to extend the lease. Make sure you investigate if there is anything that is prohibited in the lease. By way of example it is fairly common in Kimbolton leases that pets are not permitted in in a block in Kimbolton. If you like the apartmentin Kimbolton yet your cat can’t move with you then you will be presented with a hard compromise.

    Other Topics

    Lease Extensions in Kimbolton