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Top Five Questions relating to Lake District leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Lake District. Before I get started I would like to find out the remaining lease term.

Assuming the lease is registered - and almost all are in Lake District - 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 just started marketing my 2 bed apartment in Lake District.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly maintenance charge demand – what should I do?

It best that you clear the service charge 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 unless 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 looking at a two apartments in Lake District both have in the region of 50 years remaining on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Lake District. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the saleability of the lease reduces and it becomes more costly to extend the lease. For this reason it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this field

Can you offer any advice when it comes to appointing a Lake District conveyancing practice to deal with our lease extension?

When appointing a conveyancer for your lease extension (regardless if they are a Lake District conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Lake District 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 helpful:

  • If the firm is not ALEP accredited then why not?
  • How many lease extensions has the firm conducted in Lake District in the last twenty four months?

    • Do you have any top tips for leasehold conveyancing in Lake District from the point of view of expediting the sale process?

    • Much of the frustration in leasehold conveyancing in Lake District can be bypassed where you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold documentation needed by the purchasers’ solicitors.
    • Some Lake District leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers.
  • If there is a history of any disputes with your freeholder or managing agents it is very important that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be nervous about purchasing a flat where there is a current dispute. You will have to accept that you will have to pay any arrears of service charge or settle 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 present the dispute as historic rather than unresolved.
  • If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share certificate. Arranging a re-issued share certificate can be a lengthy process and frustrates many a Lake District conveyancing transaction. Where a new share certificate is required, do contact the company officers or managing agents (if applicable) for this as soon as possible.
  • You may think that you are aware of the number of years left on your lease but you should double-check via your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to where the lease term is under 75 years. In the circumstances it is important at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • Leasehold Conveyancing in Lake District - Examples of Questions you should consider before Purchasing

      If a Lake District lease has no more than eighty years it will have adverse implications on the salability of the flat. It is worth checking with your lender that they are content with remaining years on the lease. A short lease means that you will probably have to extend the lease at some point and it is worth discovering how much this would cost. Remember, in most cases you would need to own the residence for a couple of years before you are legally able to carry out a lease extension. What restrictions are contained in the Lake District Lease? This question is helpful as a) areas can cause problems for the block as the common areas may begin to deteriorate where maintenance are not paid for b) if the tenants have an issue with the running of the building you will wish to have all the details

    Other Topics

    Lease Extensions in Lake District