Recently asked questions relating to Sea Mills leasehold conveyancing
I only have Seventy years unexpired on my flat in Sea Mills. I am keen to get lease extension but my freeholder is can not be found. 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 for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. However, you will be required to demonstrate that you or your lawyers have made all reasonable attempts to track down the lessor. For most situations an enquiry agent would be helpful to try and locate and prepare an expert document which can be used as proof that the freeholder is indeed missing. It is advisable to get professional help from a solicitor both on devolving into the landlord’s absence and the application to the County Court overseeing Sea Mills.
I am attracted to a two apartments in Sea Mills which have in the region of 50 years unexpired on the lease term. should I be concerned?
There are no two ways about it. A leasehold apartment in Sea Mills is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most buyers and banks, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Sea Mills conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Last month I purchased a leasehold house in Sea Mills. Am I liable to pay service charges for periods before my ownership?
In a situation 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. It is an essential part 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).
Can you provide any advice for leasehold conveyancing in Sea Mills from the perspective of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Sea Mills can be reduced where you instruct lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the purchasers’ solicitors.
- Many freeholders or managing agents in Sea Mills charge for providing management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Sea Mills.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £150000 garden flat in Sea Mills next week. The management company has quoted £408 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Sea Mills?
Sea Mills conveyancing on leasehold apartments nine out of ten times results in administration charges levied by landlords agents :
- Answering pre-contract questions
- Where consent is required before sale in Sea Mills
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Sea Mills Leasehold Conveyancing - Examples of Questions you should ask Prior to Purchasing
Who are the managing agents?
Are there any major works on the horizon that will likely increase the maintenance charges?
Many Sea Mills leasehold flats will incur a service bill for maintenance of the building invoiced by the landlord. Should you purchase the apartment you will have to meet this charge, usually in instalments during the year. This may differ from two or three hundred pounds to thousands of pounds for blocks with lifts and large communal grounds. There will also be a rentcharge for you to pay annual, this is usually not a large amount, say approximately £50-£100 but you need to check it because on occasion it can be prohibitively expensive.