Frequently asked questions relating to Portslade leasehold conveyancing
Looking forward to sign contracts shortly on a leasehold property in Portslade. Conveyancing lawyers have said that they report fully next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Portslade should include some of the following:
- An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have just found out that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Portslade. Conveyancing advisers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Portslade ?
The majority of houses in Portslade are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Portslade in which case you should be looking for a Portslade conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’spermission to carry out alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your conveyancer will advise you fully on all the issues.
I am tempted by the attractive purchase price for a couple of maisonettes in Portslade which have about 50 years unexpired on the leases. Do I need to be concerned?
There are plenty of short leases in Portslade. The lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the saleability of the lease reduces and it becomes more expensive to extend the lease. This is why it is often a good idea to extend the lease term. It is often difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this arena
Last month I purchased a leasehold house in Portslade. Do I have any liability for service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee 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).
All being well we will complete the disposal of our £200000 maisonette in Portslade in seven days. The management company has quoted £300 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Portslade?
Portslade conveyancing on leasehold apartments usually necessitates fees being raised by landlords agents :
- Answering conveyancing due diligence enquiries
- Where consent is required before sale in Portslade
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Leasehold Conveyancing in Portslade - Examples of Queries before buying
It would be prudent to discover as much as you can about the company managing the building as they will affect your use and enjoyment of the property. Being a leasehold owner you will be at the mercy of the managing agents both financially and when it comes to daily issues like the cleanliness of the common parts. Ask other people what they think of their management. In conclusion, find out the dates that the service charges are due to the appropriate party and precisely what you get for your money.
Who takes charge for maintaining and repairing the building?
Does the lease have in excess of 90 years left?