Leasehold Conveyancing in Milton - Get a Quote from the leasehold experts approved by your lender

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Any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Milton, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Questions and Answers: Milton leasehold conveyancing

I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have just been informed that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Milton. Conveyancing advisers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Milton ?

The majority of houses in Milton are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Milton so you should seriously consider shopping around for a Milton conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’spermission to carry out changes to the property. You may also be required to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your lawyer should appraise you on the various issues.

I am looking at a two apartments in Milton both have about forty five years remaining on the leases. Should I regard a short lease as a deal breaker?

A lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the saleability of the lease decreases and it becomes more costly to extend the lease. For this reason it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this area

I've recently bought a leasehold house in Milton. Do I have any liability for service charges for periods before my ownership?

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. However, your landlord may still be able to take action to forfeit the lease. A critical element 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).

What are your top tips when it comes to finding a Milton conveyancing practice to deal with our lease extension?

When appointing a property lawyer for your lease extension (regardless if they are a Milton conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Milton conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

  • How experienced is the practice with lease extension legislation?
  • What are the charges for lease extension conveyancing?

    • Can you provide any top tips for leasehold conveyancing in Milton with the aim of speeding up the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Milton can be bypassed where you get in touch lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold information needed by the purchasers’ representatives.
    • In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Milton leases often stipulate that internal structural alterations or installing wooden flooring calls for a licence from the Landlord consenting to such changes. If you dont have the approvals to hand you should not contact the landlord without checking with your solicitor in advance.
  • If there is a history of conflict with your landlord or managing agents it is very important that these are resolved before the property is put on the market. The purchasers and their solicitors will be warry about purchasing a property where a dispute is ongoing. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic rather than unresolved.
  • If you hold a share in a the freehold, you should make sure that you are holding the original share certificate. Organising a duplicate share certificate can be a lengthy process and slows down many a Milton home move. Where a duplicate share certificate is necessary, do contact the company director and secretary or managing agents (where applicable) for this at the earliest opportunity.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable verify this by asking your lawyers. A purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is less than 75 years. It is therefore important at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • Milton Leasehold Conveyancing - A selection of Queries Prior to Purchasing

      How many of the leaseholders are in arrears for their maintenance charge payments? Are there any major works anticipated that will likely add a premium to the maintenance costs? You should be aware that where the lease has fewer than 80 years it will affect the marketability of the apartment. Check with your bank that they are content with remaining years on the lease. A short lease means that you will almost definitely require a lease extension at some point and you need to have some idea of what this would cost. For most Miltonlease extensions you will be be obliged to have been the owner of the premises for two years before you are legally able to extend the lease.

    Other Topics

    Lease Extensions in Milton