Frequently asked questions relating to Ruxley leasehold conveyancing
I am hoping to exchange soon on a leasehold property in Ruxley. Conveyancing lawyers have said that they will have a report out to me on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Ruxley should include some of the following:
- How long the lease is You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark
I today plan to offer on a house that seems to meet my requirements, at a great figure which is making it more attractive. I have just discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Ruxley. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?
Most houses in Ruxley are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Ruxley so you should seriously consider looking for a Ruxley conveyancing solicitor and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’spermission to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your conveyancer should advise you fully on all the issues.
I've recently bought a leasehold property in Ruxley. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee 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 ensure 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 long established estate agent office in Ruxley where we see a number of flat sales derailed due to leases having less than 80 years remaining. I have been given conflicting advice from local Ruxley conveyancing firms. Can you clarify whether the owner of a flat can start the lease extension process for the buyer?
As long as 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 buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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.
What advice can you give us when it comes to appointing a Ruxley conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Ruxley conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Ruxley conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- How experienced is the practice with lease extension legislation?
After years of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Ruxley. Can we issue an application to the Residential Property Tribunal Service?
Absolutely. We can put you in touch with a Ruxley conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Ruxley residence is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case affected 1 flat.