Top Five Questions relating to Creekmouth leasehold conveyancing
Estate agents have just been given the go-ahead to market my ground floor flat in Creekmouth.Conveyancing solicitors are to be appointed soon but I have just had a quarterly maintenance charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should 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 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. This will smooth the conveyancing process.
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have subsequently found out that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Creekmouth. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Creekmouth ?
Most houses in Creekmouth are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Creekmouth in which case you should be looking for a Creekmouth conveyancing practitioner and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’sconsent to carry out alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is part of an estate. Your solicitor should report to you on the legal implications.
I've recently bought a leasehold house in Creekmouth. Do I have any liability for service charges relating to a period prior to 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. 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).
What advice can you give us when it comes to finding a Creekmouth conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Creekmouth conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with two or three firms including non Creekmouth conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- How many lease extensions have they carried out in Creekmouth in the last 12 months?
Do you have any top tips for leasehold conveyancing in Creekmouth from the point of view of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Creekmouth can be bypassed where you get in touch lawyers as soon as your agents start advertising the property and ask them to collate the leasehold information needed by the buyers solicitors.
- Many landlords or Management Companies in Creekmouth charge for providing management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Creekmouth.
I am the proprietor of a first floor flat in Creekmouth. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the premium due for the purchase of the freehold?
in cases where there is a absentee landlord or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to judgment on the price.
An example of a Lease Extension matter before the tribunal for a Creekmouth residence is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case affected 1 flat. The remaining number of years on the lease was 69.77 years.