Frequently asked questions relating to Sacriston leasehold conveyancing
I've found a house that seems to tick a lot of boxes, at a great price which is making it all the more appealing. I have since discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Sacriston. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?
Most houses in Sacriston are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Sacriston in which case you should be shopping around for a Sacriston 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 lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your lawyer should report to you on the legal implications.
Last month I purchased a leasehold property in Sacriston. 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 work for a long established estate agent office in Sacriston where we have witnessed a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have received contradictory information from local Sacriston conveyancing solicitors. Could you clarify whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?
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. The benefit of this is that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done 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.
What advice can you give us when it comes to choosing a Sacriston conveyancing practice to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a Sacriston conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non Sacriston conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:
- How experienced is the firm with lease extension legislation?
Completion in due on our sale of a £325000 garden flat in Sacriston on Friday in a week. The landlords agents has quoted £408 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Sacriston?
For the majority of leasehold sales in Sacriston conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing pre-exchange questions
- Where consent is required before sale in Sacriston
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Sacriston Leasehold Conveyancing - A selection of Questions you should consider before buying
In the main the cost for major works are not included within service charges, albeit that some managing agents in Sacriston obliged tenants to contribute towards a reserve fund and this is used to offset against major repairs or maintenance.
Does the lease include onerous restrictions?
Please note if it is fewer than eighty years it will impact the value of the apartment. It is worth checking with your bank that they are content with the length of the lease. Leases with fewer than 80 years remaining means that you will most likely have to extend the lease at some point and it is worth finding out what this will be. For most Sacristonlease extensions you will be be obliged to have owned the premises for 24 months before you are eligible to extend the lease.