Common questions relating to Luton leasehold conveyancing
I am in need of some leasehold conveyancing in Luton. Before diving in I require certainty as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and most are in Luton - 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 house in Luton. 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 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. A critical element 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 busy estate agency in Luton where we have experienced a number of leasehold sales put at risk due to short leases. I have been given conflicting advice from local Luton conveyancing firms. Could you clarify whether the vendor of a flat can commence the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with 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 buyer.
Can you provide any advice for leasehold conveyancing in Luton with the aim of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Luton can be bypassed where you instruct lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the buyers conveyancers.
- The majority freeholders or managing agents in Luton charge for providing management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Luton.
If all goes to plan we aim to complete our sale of a £125000 apartment in Luton in nine days. The managing agents has quoted £372 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Luton?
Luton conveyancing on leasehold maisonettes normally necessitates fees being levied by landlords agents :
- Addressing conveyancing due diligence questions
- Where consent is required before sale in Luton
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Luton Conveyancing for Leasehold Flats - A selection of Queries Prior to Purchasing
It is important to be aware whether a new roof is being put on or some other major work is due shortly to be shared by the leasehold owners and may well dramatically impact the level of the service fees or require a one time payment.
This information is useful as a) areas could result in problems for the building as the communal areas may begin to deteriorate if maintenance are not paid for b) if the tenants have a dispute with the running of the building you will need to know about it
How long is the Lease?