Frequently asked questions relating to Knotty Ash leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Knotty Ash. Before diving in I would like to find out the remaining lease term.
Assuming the lease is recorded at the land registry - and most are in Knotty Ash - 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 have recently realised that I have Seventy years remaining on my lease in Knotty Ash. I am keen to get lease extension but my freeholder is absent. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to find the freeholder. In some cases an enquiry agent may be useful to try and locate and prepare a report which can be used as proof that the freeholder is indeed missing. It is wise to seek advice from a conveyancer both on devolving into the landlord’s absence and the vesting order request to the County Court overseeing Knotty Ash.
I've recently bought a leasehold flat in Knotty Ash. Am I liable to pay service charges for periods before completion of my purchase?
In a situation 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. 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).
I am a negotiator for a busy estate agency in Knotty Ash where we have witnessed a few flat sales put at risk due to short leases. I have been given inconsistent advice from local Knotty Ash conveyancing solicitors. Could you confirm whether the seller of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has been the owner 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. The benefit of this is 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 before, or at the same time as completion of the sale.
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.
Can you offer any advice when it comes to appointing a Knotty Ash conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Knotty Ash conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Knotty Ash conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:
- If the firm is not ALEP accredited then why not?
Knotty Ash Leasehold Conveyancing - A selection of Questions you should consider before buying
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Its a good idea to find out as much as possible concerning the managing agents as they will impact your use and enjoyment of the property. Being a leasehold owner you are frequently in the clutches of the managing agents from a financial perspective and when it comes to daily issues like the upkeep of the communal areas. Don't be shy to ask other people what they think of their management. On a final note, investigate as to the dates that you are obliged pay the maintenance charge to the relevant party and specifically what you get for your money.
Who are the managing agents?
On the whole the outlay for major works tend not to be included within maintenance charges, albeit that there some managing agents in Knotty Ash ask leaseholders to contribute towards a sinking fund created for the specific intention of building a fund for major works.
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