Examples of recent questions relating to leasehold conveyancing in Market Weighton
I’m about to sell my garden flat in Market Weighton.Conveyancing has not commenced but I have just received a yearly service charge demand – Do I pay up?
The sensible thing to do is clear the invoice 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. Having a clear account will assist your cause and will leave you no worse off financially.
I am tempted by the attractive purchase price for a couple of apartments in Market Weighton both have approximately fifty years remaining on the leases. Do I need to be concerned?
There are no two ways about it. A leasehold apartment in Market Weighton is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the value of the property. For most buyers and banks, leases with less than 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Market Weighton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
What are your top tips when it comes to choosing a Market Weighton conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Market Weighton conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non Market Weighton conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- What volume of lease extensions have they conducted in Market Weighton in the last twenty four months?
Do you have any top tips for leasehold conveyancing in Market Weighton from the perspective of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Market Weighton can be avoided where you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold documentation which will be required by the purchasers’ conveyancers.
- The majority landlords or managing agents in Market Weighton charge for supplying management packs for a leasehold property. 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 reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Market Weighton.
What makes a Market Weighton lease unmortgageable?
There is nothing unique about leasehold conveyancing in Market Weighton. Most leases are unique and drafting errors can sometimes mean that certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the building
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Norwich and Peterborough Building Society, and Britannia all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to pull out.
Market Weighton Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing
If a Market Weighton lease has no more than 80 years it will have adverse implications on the salability of the property. It is worth checking with your lender that they are willing to lend given the lease term. Leases with fewer than 80 years remaining means that you will probably have to extend the lease sooner rather than later and you need to have some idea of how much this would cost. For most Market Weightonlease extensions you would need to own the premises for a couple of years before you are eligible to carry out a lease extension.
How many of the leaseholders are in arrears for their service charge payments?
Many Market Weighton leasehold flats will be liable to pay a service charge for maintenance of the building set on behalf of the landlord. Where you buy the property you will have to meet this charge, usually periodically throughout the year. This could differ from several hundred pounds to thousands of pounds for large purpose-built blocks. There will also be a ground rent to be met annual, normally this is not a exorbitant sum, say around £50-£100 but you should to enquire as occasionally it can be many hundreds of pounds.