Experts for Leasehold Conveyancing in Preston Park

Leasehold conveyancing in Preston Park is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Preston Park and across next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Sample questions relating to Preston Park leasehold conveyancing

I've found a house that seems to be perfect, at a great price which is making it all the more appealing. I have subsequently discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Preston Park. Conveyancing advisers have are soon to be instructed. Will they explain the issues?

Most houses in Preston Park are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Preston Park so you should seriously consider looking for a Preston Park conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority 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 will likely included provisions for example obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your solicitor will appraise you on the various issues.

I am tempted by the attractive purchase price for a couple of maisonettes in Preston Park both have about 50 years unexpired on the lease term. should I be concerned?

There are plenty of short leases in Preston Park. The lease is a right to use the property for a period of time. As the lease shortens the marketability of the lease decreases and results in it becoming more expensive to extend the lease. This is why it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this area

Last month I purchased a leasehold house in Preston Park. 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 lessee 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 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 Preston Park from the perspective of saving time on the sale process?

  • Much of the delay in leasehold conveyancing in Preston Park can be reduced where you instruct lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ conveyancers.
  • If you have carried out any alterations to the premises would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Preston Park state that internal structural changes or addition of wooden flooring require a licence from the Landlord approving such alterations. Should you fail to have the consents in place do not contact the landlord without checking with your lawyer before hand.
  • If you have had conflict with your freeholder or managing agents it is essential that these are resolved before the property is marketed. The buyers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. 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 prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to present the dispute as historic as opposed to unresolved.
  • If you are supposed to have a share in the freehold, you should make sure that you have the original share document. Organising a replacement share certificate is often a lengthy process and delays many a Preston Park home move. Where a new share is required, 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 wise to double-check by asking your solicitors. A buyer’s conveyancer will not be happy to advise their client to where the lease term is less than 80 years. In the circumstances it is essential at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

  • Are there frequently found deficiencies that you encounter in leases for Preston Park properties?

    Leasehold conveyancing in Preston Park is not unique. Most leases is drafted differently and drafting errors can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain parts of the premises
    • A duty to insure the building
    • 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

    You could have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Skipton Building Society, and Barclays Direct all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to withdraw.

    Preston Park Leasehold Conveyancing - Examples of Queries Prior to buying

      Please note if it is less than eighty years it will affect the marketability of the property. Check with your lender that they are willing to go ahead with the loan given the lease term. A short lease means that you will most likely have to extend the lease sooner rather than later and it is worth discovering what this will be. Remember, in most cases you will be required to have been the owner of the premises for two years in order to be legally able to extend the lease. The best form of lease structure is where the freehold interest is in the ownership of the leaseholders. In this arrangement the tenants enjoy being in charge if their destiny and although a managing agent is frequently retained where the building is bigger than a house conversion, the managing agent acts for the leaseholders themselves. Make sure you investigate if there are any onerous prohibitions in the lease. For instance it is fairly common in Preston Park leases that pets are not permitted in certain buildings in Preston Park. If you love the apartmentin Preston Park yet your cat can’t live with you then you will be presented with a hard choice.

    Other Topics

    Lease Extensions in Preston Park