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Questions and Answers: Market Harborough leasehold conveyancing

I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have subsequently been informed that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Market Harborough. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Market Harborough ?

The majority of houses in Market Harborough are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Market Harborough in which case you should be shopping around for a Market Harborough conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your solicitor should appraise you on the various issues.

What are your top tips when it comes to finding a Market Harborough conveyancing firm to carry out our lease extension conveyancing?

When appointing a solicitor for lease extension works (regardless if they are a Market Harborough conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non Market Harborough conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:

  • How familiar is the practice with lease extension legislation?
  • Can they put you in touch with client in Market Harborough who can give a testimonial?

    • Can you provide any top tips for leasehold conveyancing in Market Harborough from the perspective of speeding up the sale process?

    • Much of the frustration in leasehold conveyancing in Market Harborough can be reduced where you get in touch lawyers as soon as your agents start marketing the property and ask them to collate the leasehold documentation needed by the buyers lawyers.
    • If you have carried out any alterations to the residence would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Market Harborough state that internal structural alterations or laying down wooden flooring necessitate a licence from the Landlord acquiescing to such works. Should you fail to have the consents in place do not communicate with the landlord without contacting your solicitor first.
  • Some Market Harborough leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual 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 service charge figures so that they can pass this information on to the purchasers or their solicitors.
  • If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share document. Arranging a re-issued share certificate can be a lengthy process and delays many a Market Harborough home move. Where a reissued share is necessary, do contact the company officers or managing agents (if applicable) for this sooner rather than later.
  • You may think that you are aware of the number of years remaining on your lease but you should double-check by asking your solicitors. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the lease term is below 80 years. It is therefore important at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £450000 garden flat in Market Harborough on Wednesday in a week. The freeholder has quoted £372 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Market Harborough?

    Market Harborough conveyancing on leasehold maisonettes often involves the buyer’s lawyer sending questions for the landlord to answer. Although the landlord is not legally bound to answer such questions the majority will be willing to assist. They may levy a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some situations it is above £800. The management information fee required by the landlord must be sent together with a synopsis of rights and obligations in respect of administration fees, without which the charge is technically not due. Reality however dictates that one has little option but to pay whatever is demanded if you want to exchange contracts with the buyer.

    In relation to leasehold conveyancing in Market Harborough what are the most common lease defects?

    There is nothing unique about leasehold conveyancing in Market Harborough. All leases are unique and drafting errors can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the premises
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You could have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Virgin Money, and Nottingham Building Society all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to pull out.

    Leasehold Conveyancing in Market Harborough - Sample of Queries before buying

      How long is the Lease? Who are the managing agents? What prohibitions exist in the Market Harborough Lease?

    Other Topics

    Lease Extensions in Market Harborough