Marlow leasehold conveyancing Example Support Desk Enquiries
I am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable price which is making it all the more appealing. I have subsequently discovered that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Marlow. Conveyancing advisers have not yet been appointed. Will they explain the issues?
Most houses in Marlow 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. It is clear that you are purchasing in Marlow so you should seriously consider looking for a Marlow conveyancing practitioner and check that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’sconsent to conduct 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 conveyancer will advise you fully on all the issues.
I am looking at a two apartments in Marlow both have approximately 50 years unexpired on the lease term. Will this present a problem?
There are plenty of short leases in Marlow. The lease is a right to use the property for a period of time. As the lease shortens the saleability of the lease deteriorate and results in it becoming more costly to acquire a lease extension. This is why it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this arena
Last month I purchased a leasehold property in Marlow. 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. Strange as it may seem, 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 a negotiator for a long established estate agent office in Marlow where we have experienced a few leasehold sales jeopardised as a result of short leases. I have received contradictory information from local Marlow conveyancing firms. Please can you confirm whether the seller of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease 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 wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with 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 purchaser.
Can you offer any advice when it comes to choosing a Marlow conveyancing firm to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Marlow conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Marlow conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- If they are not ALEP accredited then what is the reason?
I am the registered owner of a basement flat in Marlow, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Marlow with an extended lease are worth £237,000. The ground rent is £65 yearly. The lease comes to an end on 21st October 2074
With just 53 years left to run the likely cost is going to span between £31,400 and £36,200 plus costs.
The figure above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.