Examples of recent questions relating to leasehold conveyancing in Portslade
Planning to sign contracts shortly on a studio apartment in Portslade. Conveyancing solicitors inform me that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Portslade should include some of the following:
- Are you allowed to have a pet in the flat?
I am tempted by the attractive purchase price for a couple of apartments in Portslade both have about forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the marketability of the lease decreases and results in it becoming more costly to extend the lease. This is why it is advisable to increase the term of the lease. More often than not 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 difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this field
I work for a busy estate agent office in Portslade where we have experienced a few flat sales jeopardised as a result of short leases. I have been given conflicting advice from local Portslade conveyancing firms. Could you shed some light as to whether the vendor of a flat can commence the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
What are your top tips when it comes to appointing a Portslade conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Portslade conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non Portslade conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:
- How many lease extensions has the firm completed in Portslade in the last twenty four months?
Can you provide any top tips for leasehold conveyancing in Portslade from the perspective of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Portslade can be reduced if you appoint lawyers the minute your agents start marketing the property and request that they start to put together the leasehold information which will be required by the purchasers’ solicitors.
- A minority of Portslade leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the annual 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 solicitors.
Portslade Conveyancing for Leasehold Flats - Sample of Questions you should consider before buying
It would be sensible to discover as much as possible concerning the company managing the building as they can either make 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 day to day issues such as the upkeep of the common parts. Enquire of other people what they think of them. Finally, find out the dates that the service fees are due to the managing agents and precisely how they are spending that money.
What is the the remaining lease term?
Is anyone aware of any major works in the near future that will increase the service charges?