Newhaven leasehold conveyancing: Q and A’s
I am on look out for some leasehold conveyancing in Newhaven. Before diving in I would like to find out the remaining lease term.
If the lease is registered - and 99.9% are in Newhaven - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I today plan to offer on a house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have subsequently discovered that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Newhaven. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Newhaven ?
The majority of houses in Newhaven are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Newhaven in which case you should be looking for a Newhaven conveyancing practitioner and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’spermission to conduct alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your solicitor should appraise you on the various issues.
I've recently bought a leasehold property in Newhaven. Am I liable to pay service charges relating to a period prior to 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. 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 advice can you give us when it comes to appointing a Newhaven conveyancing practice to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a Newhaven conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Newhaven conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:
- If they are not ALEP accredited then why not?
Do you have any advice for leasehold conveyancing in Newhaven with the intention of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Newhaven can be bypassed where you appoint lawyers the minute your agents start marketing the property and ask them to put together the leasehold information which will be required by the purchasers’ conveyancers.
- In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Newhaven leases often stipulate that internal structural alterations or installing wooden flooring calls for a licence from the Landlord acquiescing to such works. Should you dont have the consents in place do not communicate with the landlord without checking with your solicitor first.
Newhaven Leasehold Conveyancing - A selection of Questions you should consider Prior to buying
You will want to find out as much as you can about the managing agents as they will impact your use and enjoyment of the property. Being a leasehold owner you are often at the mercy of the managing agents both financially and when it comes to day to day matters like the tidiness of the communal areas. Ask other people if they are happy with them. Finally, find out the dates that you are obliged pay the maintenance charge to the relevant party and precisely how they are spending that money.
What is the maintenance charge and ground rent on the flat?
Are any of leasehold owners in arrears of their service charge payments?