Leasehold Conveyancing in Portslade - Get a Quote from the leasehold experts approved by your lender

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Frequently asked questions relating to Portslade leasehold conveyancing

I am on look out for some leasehold conveyancing in Portslade. Before diving in I would like to find out the remaining lease term.

Assuming the lease is registered - and almost all are in Portslade - then the leasehold title will always include the basic details 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’m about to sell my garden flat in Portslade.Conveyancing is yet to be initiated but I have just had a half-yearly service charge demand – should I leave it to the buyer to sort out?

Your conveyancing lawyer is likely to suggest that you should 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 unless 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. Having a clear account will assist your cause and will leave you no worse off financially.

I've recently bought a leasehold flat in Portslade. 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 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. 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).

Do you have any advice for leasehold conveyancing in Portslade from the perspective of expediting the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Portslade can be bypassed if you appoint lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the buyers lawyers.
  • The majority freeholders or Management Companies in Portslade levy fees for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Portslade.
  • If you have had conflict with your landlord or managing agents it is very important that these are settled before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a flat where a dispute is ongoing. You will have to accept that you will have to pay 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 better to present the dispute as historic as opposed to unresolved.
  • If you hold a share in a the Management Company, you should make sure that you are holding the original share certificate. Obtaining a new share certificate is often a time consuming formality and delays many a Portslade conveyancing deal. If a reissued share certificate is required, do contact the company director and secretary or managing agents (where applicable) for this sooner rather than later.
  • You believe that you know the number of years remaining on your lease but you should verify this by asking your lawyers. A purchaser's lawyer will be unlikely to recommend their client to to exchange contracts if the lease term is less than 75 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • Are there common problems that you see in leases for Portslade properties?

    There is nothing unique about leasehold conveyancing in Portslade. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the property
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Barnsley Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to pull out.

    Leasehold Conveyancing in Portslade - Sample of Questions you should consider Prior to buying

      The majority of Portslade leasehold properties will be liable to pay a service bill for maintenance of the building levied by the freeholder. If you purchase the flat you will have to pay this liability, normally periodically during the year. This may vary from several hundred pounds to thousands of pounds for buildings with lifts and large common grounds. In all probability there will be a ground rent to be met annual, this is usually not a significant figure, say approximately £25-£75 but you should to enquire it because occasionally it can be surprisingly expensive. It is important to be aware whether changing the roof or some other significant cost is pending to be shared by the tenants and could well materially impact the level of the service charges or result in a one off invoice. Be sure to discover if there are any onerous restrictions in the lease. By way of example some leases prohibit pets being permitted in in a block in Portslade. If you like the propertyin Portslade yet your dog is not allowed to move with you then you will be faced hard choice.

    Other Topics

    Lease Extensions in Portslade