Experts for Leasehold Conveyancing in Paddock Wood

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While any conveyancing practice can theoretically handle your leasehold conveyancing in Paddock Wood, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Top Five Questions relating to Paddock Wood leasehold conveyancing

I have just appointed agents to market my ground floor apartment in Paddock Wood.Conveyancing has not commenced but I have just had a half-yearly service charge invoice – what should I do?

The sensible thing to do is discharge the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

My wife and I purchased a leasehold flat in Paddock Wood. Conveyancing and Britannia mortgage organised. A letter has just been received from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1991. The conveyancing practitioner in Paddock Wood who previously acted has now retired.Any advice?

First make enquiries of HMLR to be sure that this person is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Paddock Wood conveyancing lawyer to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am tempted by the attractive purchase price for a two maisonettes in Paddock Wood both have about 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Paddock Wood. The lease is a right to use the premises for a period of time. As a lease shortens the marketability of the lease reduces and it becomes more expensive to extend the lease. This is why it is advisable to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage companies may be unwilling 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 area

I've recently bought a leasehold flat in Paddock Wood. 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. 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 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).

Can you provide any advice for leasehold conveyancing in Paddock Wood from the point of view of saving time on the sale process?

  • Much of the delay in leasehold conveyancing in Paddock Wood can be bypassed if you appoint lawyers the minute your agents start marketing the property and ask them to collate the leasehold documentation which will be required by the buyers representatives.
  • Many landlords or managing agents in Paddock Wood charge for providing management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management pack sought as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Paddock Wood.
  • If you have carried out any alterations to the premises would they have required Landlord’s consent? In particular have you installed wooden flooring? Most leases in Paddock Wood state that internal structural alterations or installing wooden flooring necessitate a licence from the Landlord consenting to such alterations. Where you fail to have the consents in place do not contact the landlord without checking with your conveyancer first.
  • If there is a history of conflict with your freeholder or managing agents it is very important that these are resolved before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a property where a dispute is ongoing. You will have to accept that you will have to discharge any arrears of service charge or resolve 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 are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over rather than unsettled.
  • You believe that you know the number of years left on your lease but it would be wise to verify this via your conveyancers. A purchaser's lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is under 80 years. It is therefore essential 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.

    • Paddock Wood Conveyancing for Leasehold Flats - A selection of Questions you should ask before Purchasing

      You will want to discover as much as you can about the managing agents as they will either make your life much easier or uncomfortable. As the owner of a leasehold property you are often at the mercy of the managing agents from a financial perspective and when it comes to practical matters such as the cleanliness of the communal areas. You should not be shy to ask prospective neighbours if they are happy with them. Finally, find out the dates that you are obliged pay the maintenance charge to the managing agents and specifically what it includes. Are there any major works on the horizon that could add a premium to the service fees? Who is in charge of the building?

    Other Topics

    Lease Extensions in Paddock Wood