I am on look out for some leasehold conveyancing in Portslade. Before I get started I would like to find out the number of years remaining on the lease.

If 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've found a house that seems to be perfect, at a great price which is making it more attractive. I have just been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Portslade. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Portslade ?

Most houses in Portslade are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Portslade so you should seriously consider looking for a Portslade conveyancing practitioner and check that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’spermission to conduct alterations. It may be necessary to pay a service charge towards the maintenance of the communal areas where the property is located on an estate. Your solicitor will report to you on the legal implications.

Last month I purchased a leasehold property in Portslade. Do I have any liability for 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. However, 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).

I am employed by a reputable estate agency in Portslade where we have experienced a number of leasehold sales jeopardised as a result of short leases. I have received contradictory information from local Portslade conveyancing solicitors. Could you shed some light as to whether the owner 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 sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.

An alternative approach is 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 buyer.

Can you provide any top tips for leasehold conveyancing in Portslade from the point of view of speeding up the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Portslade can be avoided if you instruct lawyers as soon as you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ representatives.
• The majority landlords or Management Companies in Portslade charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Portslade.
• In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Most leases in Portslade state that internal structural changes or installing wooden flooring necessitate a licence from the Landlord consenting to such changes. If you dont have the approvals in place do not communicate with the landlord without checking with your lawyer in advance.
• If you hold a share in a the Management Company, you should ensure that you are holding the original share certificate. Obtaining a duplicate share certificate is often a lengthy formality and frustrates many a Portslade home move. If a reissued share certificate is necessary, you should approach the company officers or managing agents (if relevant) for this sooner rather than later.
• You believe that you know the number of years remaining on your lease but it would be advisable double-check by asking your lawyers. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the remaining number of years is below 80 years. It is therefore important at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

Leasehold Conveyancing in Portslade - A selection of Questions you should ask before Purchasing

Where a Portslade lease has fewer than 80 years it will have adverse implications on the value of the apartment. Check with your mortgage company that they are content with the length of the lease. A short lease means that you will most likely have to extend the lease at some point and you need to have some idea of how much this will be. For most Portsladelease extensions you will be be obliged to have owned the premises for two years before you are eligible to extend the lease. How many of the leaseholders are in arrears for their service charge payments?