Experts for Leasehold Conveyancing in Market Bosworth

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Market Bosworth leasehold conveyancing: Q and A’s

I have just started marketing my ground floor apartment in Market Bosworth.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly maintenance charge demand – what should I do?

It best that you 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 today plan to offer on a house that appears to be perfect, at a reasonable 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 buying a leasehold house in Market Bosworth. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Market Bosworth ?

Most houses in Market Bosworth are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are buying in Market Bosworth so you should seriously consider looking for a Market Bosworth conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’sconsent to conduct alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is located on an estate. Your lawyer will report to you on the legal implications.

Last month I purchased a leasehold property in Market Bosworth. 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. 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 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).

I work for a reputable estate agency in Market Bosworth where we have witnessed a few leasehold sales jeopardised due to short leases. I have been given conflicting advice from local Market Bosworth conveyancing solicitors. Could you confirm whether the vendor of a flat can instigate 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.

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.

Do you have any advice for leasehold conveyancing in Market Bosworth from the perspective of saving time on the sale process?

  • Much of the frustration in leasehold conveyancing in Market Bosworth can be bypassed if you get in touch lawyers the minute your agents start advertising the property and ask them to collate the leasehold information needed by the purchasers’ representatives.
  • The majority freeholders or managing agents in Market Bosworth levy fees for providing management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Market Bosworth.
  • If you have carried out any alterations to the premises would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Market Bosworth leases often stipulate that internal structural changes or installing wooden flooring calls for a licence from the Landlord acquiescing to such works. If you fail to have the approvals in place you should not communicate with the landlord without checking with your solicitor in advance.
  • A minority of Market Bosworth leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
  • You believe that you know the number of years remaining on your lease but it would be advisable verify this via your lawyers. A purchaser's conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is less than 80 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • Leasehold Conveyancing in Market Bosworth - Sample of Questions you should consider Prior to buying

      How is the lease structured? Where a Market Bosworth lease has no more than 80 years it will affect the salability of the apartment. Check with your lender that they are willing to lend given the lease term. A short lease means that you will probably have to extend the lease sooner rather than later and you need to have some idea of what this will be. For most Market Bosworthlease extensions you will need to own the property for two years in order to be legally able to carry out a lease extension. Plenty Market Bosworth leasehold apartments will be liable to pay a service bill for maintenance of the building set by the freeholder. Should you acquire the apartment you will have to pay this liability, usually quarterly during the year. This could be anything from two or three hundred pounds to thousands of pounds for blocks with lifts and large communal areas. There will also be a rentcharge for you to pay annual, ordinarily this is not a significant sum, say approximately £25-£75 but you should to enquire it because occasionally it could be many hundreds of pounds.

    Other Topics

    Lease Extensions in Market Bosworth