Fixed-fee leasehold conveyancing in Newmarket:

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Top Five Questions relating to Newmarket leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Newmarket. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.

If the lease is recorded at the land registry - and 99.9% are in Newmarket - 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 am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great price which is making it more attractive. I have just discovered that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Newmarket. Conveyancing advisers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Newmarket ?

Most houses in Newmarket 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 buying in Newmarket so you should seriously consider shopping around for a Newmarket conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First 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 requiring the landlord’spermission to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your conveyancer should report to you on the legal implications.

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

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).

What advice can you give us when it comes to choosing a Newmarket conveyancing firm to deal with our lease extension?

When appointing a conveyancer for your lease extension (regardless if they are a Newmarket conveyancing firm) 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 talk with two or three firms including non Newmarket conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:

  • How experienced is the practice with lease extension legislation?
  • What are the costs for lease extension work?

    • Do you have any top tips for leasehold conveyancing in Newmarket from the point of view of expediting the sale process?

    • Much of the frustration in leasehold conveyancing in Newmarket can be reduced where you appoint lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the purchasers’ solicitors.
    • The majority freeholders or Management Companies in Newmarket charge for providing management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Newmarket.
  • A minority of Newmarket leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly 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 actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • If there is a history of conflict with your freeholder or managing agents it is essential that these are settled prior to the flat being put on the market. The buyers and their solicitors will be nervous about purchasing a property where a dispute is unresolved. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to present the dispute as over rather than unresolved.
  • If you have the benefit of shareholding in the Management Company, you should ensure that you have the original share certificate. Arranging a replacement share certificate can be a time consuming process and slows down many a Newmarket conveyancing transaction. If a new share is necessary, do contact the company officers or managing agents (if relevant) for this as soon as possible.

    • Newmarket Leasehold Conveyancing - Examples of Questions you should ask before buying

      How much is the ground rent and service charge? Most Newmarket leasehold properties will incur a service charge for maintenance of the block invoiced by the management company. Where you buy the flat you will have to meet this contribution, usually quarterly accross the year. This may vary from two or three hundred pounds to thousands of pounds for large purpose-built buildings. In all probability there will be a rentcharge for you to pay annual, this is usually not a exorbitant figure, say approximately £25-£75 but you need to enquire as on occasion it can be many hundreds of pounds. It is important to be aware if changing the roof or some other significant cost is due shortly to be shared by the leasehold owners and may well dramatically increase the the maintenance charges or necessitate a specific invoice.

    Other Topics

    Lease Extensions in Newmarket