Common questions relating to Kirkby leasehold conveyancing
I today plan to offer on a house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have just discovered that the title is leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Kirkby. Conveyancing advisers have not yet been appointed. Will they explain the issues?
The majority of houses in Kirkby are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Kirkby so you should seriously consider looking for a Kirkby conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the upkeep of the estate where the property is located on an estate. Your lawyer should advise you fully on all the issues.
I work for a busy estate agency in Kirkby where we have experienced a number of flat sales put at risk due to leases having less than 80 years remaining. I have received conflicting advice from local Kirkby conveyancing firms. Can you confirm whether the seller of a flat can instigate the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible 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 Kirkby conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Kirkby conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Kirkby conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- How experienced is the practice with lease extension legislation?
Do you have any advice for leasehold conveyancing in Kirkby from the point of view of expediting the sale process?
- Much of the delay in leasehold conveyancing in Kirkby can be reduced where you appoint lawyers as soon as your agents start advertising the property and ask them to collate the leasehold information which will be required by the buyers representatives.
- In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Kirkby leases often stipulate that internal structural alterations or laying down wooden flooring require a licence issued by the Landlord acquiescing to such alterations. If you dont have the paperwork in place you should not contact the landlord without checking with your solicitor in the first instance.
What are the common defects that you witness in leases for Kirkby properties?
Leasehold conveyancing in Kirkby is not unique. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts 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 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. Nationwide Building Society, The Royal Bank of Scotland, and Godiva Mortgages Ltd all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to withdraw.
Kirkby Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing
It is important to be aware whether a new roof is being put on or some other major work is due in the foreseeable future to be shared by the leaseholders and may well materially increase the the maintenance costs or necessitate a one off payment.
It would be prudent to find out as much as possible concerning the managing agents as they will either make living at the property much easier or uncomfortable. Being a leasehold owner you are frequently in the clutches of the managing agents both financially and when it comes to every day issues such as the upkeep of the communal areas. Don't be shy to ask other people what they think of them. Finally, find out the dates that the service fees are due to the relevant party and specifically how they are spending that money.
Who are the managing agents?