Top Five Questions relating to Prescot leasehold conveyancing
I am in need of some leasehold conveyancing in Prescot. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Prescot - then the leasehold title will always include the short particulars 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.
Having checked my lease I have discovered that there are only Seventy years remaining on my lease in Prescot. I need to get lease extension but my freeholder is missing. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. However, you will be required to demonstrate that you have used your best endeavours to locate the lessor. In some cases an enquiry agent should be helpful to try and locate and to produce a report which can be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a solicitor in relation to investigating the landlord’s disappearance and the application to the County Court covering Prescot.
Planning to exchange soon on a garden flat in Prescot. Conveyancing lawyers assured me that they report fully next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Prescot should include some of the following:
- The physical extent of the demise. This will be the property itself but may incorporate a loft or basement if appropriate.
I've found a house that seems to meet my requirements, at a great figure which is making it all the more appealing. I have subsequently been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Prescot. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Prescot ?
Most houses in Prescot are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Prescot in which case you should be shopping around for a Prescot conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’spermission to carry out alterations. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the house is part of an estate. Your lawyer should appraise you on the various issues.
Last month I purchased a leasehold house in Prescot. Am I liable to pay service charges relating to a period prior to my ownership?
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. 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).
Prescot Conveyancing for Leasehold Flats - Sample of Queries before Purchasing
Many Prescot leasehold flats will incur a service charge for the upkeep of the block invoiced on behalf of the freeholder. If you purchase the apartment you will have to pay this liability, normally periodically during the year. This could vary from two or three hundred pounds to thousands of pounds for buildings with lifts and large communal areas. There will also be a rentcharge for you to pay annual, this is usually not a significant sum, say around £25-£75 but you should to enquire it because sometimes it can be many hundreds of pounds.
Who manages the block?
Are any of leasehold owners in arrears of their service charge payments?