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When it comes to leasehold conveyancing in Liphook, you will need to appoint a conveyancing practitioner with leasehold experience. Whether your lender is to be Halifax, Birmingham Midshires or Nationwide make sure you choose a lawyer on their approved list. Feel free to use our search tool

Liphook leasehold conveyancing Example Support Desk Enquiries

Estate agents have just been given the go-ahead to market my garden flat in Liphook.Conveyancing solicitors are to be appointed soon but I have just had a quarterly service charge demand – what should I do?

The sensible thing to do is discharge the invoice 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. Having a clear account will assist your cause and will leave you no worse off financially.

I am tempted by the attractive purchase price for a two flats in Liphook both have approximately 50 years left on the lease term. Will this present a problem?

There are no two ways about it. A leasehold apartment in Liphook is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. The majority of buyers and lenders, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Liphook conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Last month I purchased a leasehold house in Liphook. Am I liable to pay service charges for periods before my ownership?

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. It is an essential part 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 work for a busy estate agent office in Liphook where we have witnessed a few flat sales put at risk due to short leases. I have received conflicting advice from local Liphook conveyancing firms. Can you confirm whether the seller of a flat can instigate the lease extension formalities for the buyer?

Provided that the seller has been the owner 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 can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, 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 buyer.

Do you have any advice for leasehold conveyancing in Liphook with the aim of speeding up the sale process?

  • Much of the frustration in leasehold conveyancing in Liphook can be bypassed if you instruct lawyers the minute your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the purchasers’ representatives.
  • In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Liphook leases often stipulate that internal structural alterations or addition of wooden flooring require a licence from the Landlord acquiescing to such works. Where you fail to have the consents to hand you should not contact the landlord without contacting your solicitor in advance.
  • A minority of Liphook leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying 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 solicitors.
  • If you are supposed to have a share in the freehold, you should ensure that you are holding the original share certificate. Arranging a new share certificate is often a lengthy process and frustrates many a Liphook home move. If a reissued share is needed, you should approach the company officers or managing agents (where relevant) for this sooner rather than later.
  • You believe that you know the number of years remaining on your lease but you should verify this by asking your lawyers. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the lease term is under 75 years. It is therefore essential at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • Leasehold Conveyancing in Liphook - A selection of Queries before Purchasing

      Best to be warned if redecorating or some other significant cost is anticipated to be shared by the tenants and may well dramatically impact the level of the maintenance fees or require a specific payment. Plenty Liphook leasehold apartments will have a service charge for the upkeep of the block levied by the landlord. If you buy the apartment you will have to meet this contribution, usually periodically during the year. This can differ from a couple of hundred pounds to thousands of pounds for large purpose-built blocks. There will also be a ground rent to be met annual, this is usually not a large figure, say around £50-£100 but you need to enquire as on occasion it could be many hundreds of pounds. What prohibitions exist in the Liphook Lease?

    Other Topics

    Lease Extensions in Liphook