Sample questions relating to Seaton leasehold conveyancing
Planning to exchange soon on a leasehold property in Seaton. Conveyancing solicitors have said that they report fully on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Seaton should include some of the following:
- You should be sent a copy of the lease
I have just started marketing my basement apartment in Seaton.Conveyancing has not commenced but I have just had a quarterly service charge invoice – Do I pay up?
It best that you discharge the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have subsequently been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Seaton. Conveyancing advisers have not yet been instructed. Will they explain the issues?
Most houses in Seaton are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are purchasing in Seaton so you should seriously consider shopping around for a Seaton conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’spermission to conduct changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your conveyancer will appraise you on the various issues.
I am employed by a reputable estate agency in Seaton where we have experienced a few flat sales put at risk as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Seaton conveyancing firms. Could you clarify whether the owner 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 buyer need not have to sit tight for 2 years for a lease extension. 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.
Alternatively, it may be possible 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.
When it comes to leasehold conveyancing in Seaton what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Seaton. All leases are individual and drafting errors can result in certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the property
- 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
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Skipton Building Society, and TSB all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the purchaser to withdraw.
Seaton Leasehold Conveyancing - Examples of Queries before buying
Best to be warned whether fixing the lift or some other major work is due in the near future to be shared amongst the leaseholders and will dramatically increase the the service fees or necessitate a specific payment.
How many years remain on the lease?
This information is important as a) areas can result in problems for the building as the communal areas may begin to deteriorate where services remain unpaid b) if the tenants have a dispute with the running of the building you will wish to have full disclosure