Top Five Questions relating to Leighton Buzzard leasehold conveyancing
I've found a house that appears to be perfect, at a great price which is making it more attractive. I have subsequently been informed that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Leighton Buzzard. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Leighton Buzzard ?
The majority of houses in Leighton Buzzard are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are buying in Leighton Buzzard so you should seriously consider looking for a Leighton Buzzard conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’sconsent to carry out changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your solicitor should appraise you on the various issues.
I am looking at a couple of apartments in Leighton Buzzard both have approximately forty five years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Leighton Buzzard. The lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the value of the lease deteriorate and it becomes more costly to extend the lease. This is why it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this arena
I work for a busy estate agent office in Leighton Buzzard where we have witnessed a few leasehold sales jeopardised as a result of short leases. I have been given conflicting advice from local Leighton Buzzard conveyancing firms. Can you shed some light as to whether the seller of a flat can commence 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having 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 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 buyer.
Can you offer any advice when it comes to choosing a Leighton Buzzard conveyancing practice to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a Leighton Buzzard conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Leighton Buzzard conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:
- Can they put you in touch with client in Leighton Buzzard who can give a testimonial?
Completion in due on the sale of our £425000 maisonette in Leighton Buzzard next Monday . The managing agents has quoted £408 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Leighton Buzzard?
For the majority of leasehold sales in Leighton Buzzard conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering pre-exchange enquiries
- Where consent is required before sale in Leighton Buzzard
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Leasehold Conveyancing in Leighton Buzzard - Sample of Queries Prior to Purchasing
Generally speaking the cost for major works are not included within service charges, although a few managing agents in Leighton Buzzard ask leaseholders to contribute towards a sinking fund created for the specific purpose of building a fund for larger repairs or maintenance.
How many years remain on the lease?
It is important to be aware if a new roof is being installed or some other major work is anticipated to be shared amongst the leaseholders and may well materially impact the level of the maintenance charges or require a one off payment.