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Examples of recent questions relating to leasehold conveyancing in Liskeard

Due to sign contracts shortly on a leasehold property in Liskeard. Conveyancing lawyers inform me that they will have a report out to me next week. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Liskeard should include some of the following:

  • The length of the lease term You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark
  • Does the lease prevent you from renting out the flat, or having a home office for business
  • You must be told what constitutes a Nuisance in the lease
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • Changes to the flat (alterations and additions)
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
  • What the implications are if you breach a clause of your lease? For details of the information to be included in your report on your leasehold property in Liskeard please ask your lawyer in advance of your conveyancing in Liskeard

    • Estate agents have just been given the go-ahead to market my garden apartment in Liskeard.Conveyancing is yet to be initiated but I have just had a yearly maintenance charge demand – what should I do?

    Your conveyancing lawyer is likely to suggest that you should pay 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 until 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've found a house that appears to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have subsequently been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Liskeard. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Liskeard ?

    The majority of houses in Liskeard are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Liskeard so you should seriously consider looking for a Liskeard conveyancing solicitor and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’spermission to carry out changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your conveyancer should report to you on the legal implications.

    Last month I purchased a leasehold house in Liskeard. Am I liable to pay service charges relating to a period prior to completion of my purchase?

    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. Strange as it may seem, 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).

    Can you provide any top tips for leasehold conveyancing in Liskeard with the purpose of expediting the sale process?

    • Much of the frustration in leasehold conveyancing in Liskeard can be avoided if you appoint lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the buyers representatives.
    • The majority freeholders or Management Companies in Liskeard levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Liskeard.
  • If you have carried out any alterations to the property would they have required Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Liskeard state that internal structural changes or installing wooden flooring require a licence from the Landlord acquiescing to such changes. If you fail to have the paperwork in place you should not contact the landlord without checking with your lawyer in advance.
  • 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 buyers and their solicitors will be concerned about purchasing a flat where there is a current dispute. You will have to accept that you will have to discharge 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 prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is better to present the dispute as historic as opposed to ongoing.
  • If you hold a share in a the Management Company, you should ensure that you hold the original share certificate. Organising a re-issued share certificate is often a lengthy process and slows down many a Liskeard home move. Where a duplicate share is needed, you should approach the company director and secretary or managing agents (if relevant) for this as soon as possible.

    • I bought a 1st floor flat in Liskeard, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Liskeard with over 90 years remaining are worth £172,000. The ground rent is £55 invoiced every year. The lease comes to an end on 21st October 2104

    With just 80 years unexpired the likely cost is going to range between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Liskeard