Sudbury leasehold conveyancing Example Support Desk Enquiries
Expecting to sign contracts shortly on a basement flat in Sudbury. Conveyancing solicitors inform me 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 Sudbury should include some of the following:
- You should be sent a copy of the lease
I am looking at a couple of maisonettes in Sudbury both have approximately 50 years remaining on the lease term. Will this present a problem?
A lease is a right to use the property for a prescribed time frame. As the lease shortens the value of the lease reduces and results in it becoming more expensive to extend the lease. For this reason it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this arena
I've recently bought a leasehold property in Sudbury. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation 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. However, 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 are your top tips when it comes to appointing a Sudbury conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Sudbury conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with several firms including non Sudbury conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- If the firm is not ALEP accredited then why not?
Can you provide any advice for leasehold conveyancing in Sudbury with the intention of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Sudbury can be bypassed if you get in touch lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the purchasers’ conveyancers.
- The majority freeholders or Management Companies in Sudbury charge for providing management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Sudbury.
We have reached the end of our tether in trying to purchase the freehold in Sudbury. Can this matter be resolved via the Leasehold Valuation Tribunal?
if there is a missing landlord or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to calculate the amount due.
An example of a Lease Extension matter before the tribunal for a Sudbury flat is Ground Floor Flat 79 London Road in September 2012. the Tribunal held that the premium payable for the lease extension should be £7,636 This case affected 1 flat. The unexpired term was 74 years.