Questions and Answers: Longhope leasehold conveyancing
I've found a house that appears to be perfect, at a great price which is making it more attractive. I have since been informed that it's a leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Longhope. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Longhope ?
Most houses in Longhope are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Longhope in which case you should be looking for a Longhope conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’sconsent to carry out changes to the property. It may be necessary to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your solicitor should appraise you on the various issues.
I've recently bought a leasehold flat in Longhope. Do I have any liability for 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. However, 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 am employed by a long established estate agency in Longhope where we have experienced a few leasehold sales derailed as a result of short leases. I have received inconsistent advice from local Longhope conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 purchaser.
What advice can you give us when it comes to appointing a Longhope conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Longhope conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Longhope conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- How many lease extensions has the firm carried out in Longhope in the last twenty four months?
Can you provide any top tips for leasehold conveyancing in Longhope from the point of view of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Longhope can be avoided where you instruct lawyers the minute your agents start advertising the property and request that they start to collate the leasehold documentation needed by the buyers lawyers.
- In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Longhope leases often stipulate that internal structural alterations or addition of wooden flooring necessitate a licence from the Landlord acquiescing to such changes. If you fail to have the paperwork to hand do not contact the landlord without checking with your lawyer in the first instance.
Longhope Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to buying
Is there a share of the freehold?
What restrictions are there in the Longhope Lease?
Be sure to investigate if there is anything that is prohibited in the lease. For instance plenty of leases prohibit pets being allowed in in a block in Longhope. If you like the apartmentin Longhope yet your cat can’t move with you then you will be faced hard determination.