Sample questions relating to Prescot leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Prescot. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.
Assuming the lease is registered - and most 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.
I have recently realised that I have 68 years remaining on my flat in Prescot. I now want to extend my lease but my landlord is absent. What should I do?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. However, you will be required to prove that you have made all reasonable attempts to locate the landlord. On the whole an enquiry agent should be helpful to carry out a search and to produce an expert document which can be used as evidence that the landlord is indeed missing. It is wise to seek advice from a solicitor in relation to devolving into the landlord’s disappearance and the application to the County Court covering Prescot.
Planning to sign contracts shortly on a garden flat in Prescot. Conveyancing solicitors have said that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Prescot should include some of the following:
- Whether the lease restricts you from letting out the property, or having a home office for business
Last month I purchased a leasehold flat in Prescot. Do I have any liability for service charges for periods before completion of my purchase?
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. 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 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).
I am employed by a reputable estate agent office in Prescot where we have witnessed a few flat sales put at risk as a result of short leases. I have received inconsistent advice from local Prescot conveyancing solicitors. Could you clarify whether the seller of a flat can instigate the lease extension process for the buyer?
Provided that the seller has owned the lease 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 proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord 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.
Leasehold Conveyancing in Prescot - A selection of Queries Prior to Purchasing
You will want to find out as much as you can concerning the company managing the block as they will either make living at the property much simpler or problematic. As the owner of a leasehold property you will be in the clutches of the managing agents both financially and when it comes to every day issues such as the cleanliness of the common parts. Don't be afraid to ask other people if they are happy with their management. Finally, be sure you know the dates that the maintenance charges are due to the relevant party and precisely what you get for your money.
Are any of leasehold owners in arrears of their service charge payments?
Many Prescot leasehold properties will have a service bill for maintenance of the building levied on behalf of the management company. If you acquire the flat you will have to meet this charge, usually periodically during the year. This can be anything from several hundred pounds to thousands of pounds for bigger purpose-built buildings. There will also be a ground rent for you to pay annual, ordinarily this is not a exorbitant sum, say approximately £25-£75 but you need to enquire it because on occasion it could be surprisingly expensive.