Having had my offer accepted I require leasehold conveyancing in Kingsthorpe. Before I get started I require certainty as to the number of years remaining on the lease.

If the lease is recorded at the land registry - and most are in Kingsthorpe - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I today plan to offer on a house that appears to meet my requirements, at a great figure which is making it all the more appealing. I have subsequently discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Kingsthorpe. Conveyancing advisers have are soon to be appointed. Will they explain the issues?

Most houses in Kingsthorpe are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Kingsthorpe in which case you should be looking for a Kingsthorpe conveyancing solicitor and check that they are used to advising on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’sconsent to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your solicitor should report to you on the legal implications.

Last month I purchased a leasehold flat in Kingsthorpe. Am I liable to pay 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. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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 busy estate agent office in Kingsthorpe where we have witnessed a number of leasehold sales derailed as a result of short leases. I have been given conflicting advice from local Kingsthorpe conveyancing firms. Could you shed some light as to whether the owner of a flat can instigate the lease extension process for the buyer?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start 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 needs to be completed before, or at the same time as completion of the disposal of the property.

An alternative approach is 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 buyer.

Are there frequently found defects that you witness in leases for Kingsthorpe properties?

There is nothing unique about leasehold conveyancing in Kingsthorpe. Most leases is drafted differently and drafting errors can result in certain provisions are wrong. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements of the premises
• A duty to insure the building
• 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 will have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Skipton Building Society, and TSB all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the purchaser to withdraw.

Leasehold Conveyancing in Kingsthorpe - Sample of Queries Prior to Purchasing

Is there a share of the freehold? Is anyone aware of any major works in the near future that could add a premium to the service fees? For most Kingsthorpe leaseholds the cost for major works tend not to be included within maintenance charges, albeit that some managing agents in Kingsthorpe obliged leaseholders to pay into a sinking fund created for the specific intention of establishing a fund for major works.

Other Topics

Lease Extensions in Kingsthorpe