Sample questions relating to Oldham leasehold conveyancing
I am in need of some leasehold conveyancing in Oldham. 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 Oldham - 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've found a house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have just found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Oldham. Conveyancing solicitors have not yet been instructed. Will they explain the issues?
The majority of houses in Oldham are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Oldham so you should seriously consider looking for a Oldham conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’sconsent to carry out alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the property is located on an estate. Your lawyer will report to you on the legal implications.
I've recently bought a leasehold flat in Oldham. Am I liable to pay 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. 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).
Do you have any advice for leasehold conveyancing in Oldham from the point of view of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Oldham can be bypassed where you instruct lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold information which will be required by the buyers representatives.
- Many landlords or Management Companies in Oldham levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Oldham.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £200000 flat in Oldham in nine days. The freeholder has quoted £408 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Oldham?
Oldham conveyancing on leasehold flats often necessitates the purchaser’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to respond to these enquiries most will be willing to do so. They may levy a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some situations it is above £800. The administration charge required by the landlord must be accompanied by a summary of rights and obligations in relation to administration charges, otherwise the invoice is not strictly payable. Reality however dictates that one has little option but to pay whatever is demanded if you want to sell the property.
Oldham Leasehold Conveyancing - Sample of Questions you should consider Prior to buying
Can you inform me if there are any major works in the planning that will increase the maintenance costs?
Are any of leasehold owners in arrears of their service charge liability?
Does the lease have in excess of 82 years left?