Common questions relating to Liskeard leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Liskeard. Before I get started I require certainty as to the number of years remaining on the lease.
If the lease is registered - and 99.9% are in Liskeard - then the leasehold title will always include the basic details 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've recently bought a leasehold flat in Liskeard. 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. Strange as it may seem, 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).
What are your top tips when it comes to choosing a Liskeard conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Liskeard conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Liskeard conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- How many lease extensions have they carried out in Liskeard in the last 12 months?
Do you have any advice for leasehold conveyancing in Liskeard from the point of view of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Liskeard can be avoided if you appoint lawyers the minute you market your property and ask them to collate the leasehold information which will be required by the buyers conveyancers.
- A minority of Liskeard leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is 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 lawyers.
All being well we will complete our sale of a £200000 apartment in Liskeard next week. The landlords agents has quoted £384 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Liskeard?
Liskeard conveyancing on leasehold flats ordinarily results in fees being raised by managing agents :
- Answering pre-exchange enquiries
- Where consent is required before sale in Liskeard
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Liskeard Leasehold Conveyancing - Examples of Questions you should consider Prior to Purchasing
It is important to be aware if a new roof is being installed or some other significant cost is pending to be shared between the leasehold owners and will dramatically increase the the maintenance charges or require a one time invoice.
The prefered form of lease arrangement is a share of the freehold. In this arrangement the leaseholders enjoy being in charge if their destiny and even though a managing agent is frequently retained where it is bigger than a house conversion, the managing agent acts for the leaseholders themselves.
What is the length of the lease?