Recently asked questions relating to Sedgefield leasehold conveyancing
I am on look out for some leasehold conveyancing in Sedgefield. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
Assuming the lease is registered - and 99.9% are in Sedgefield - then the leasehold title will always include the basic details 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 today plan to offer on a house that appears to meet my requirements, at a great price which is making it all the more appealing. I have just discovered that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Sedgefield. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?
Most houses in Sedgefield 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 clear that you are buying in Sedgefield in which case you should be shopping around for a Sedgefield conveyancing practitioner and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’spermission to carry out alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the house is located on an estate. Your solicitor will advise you fully on all the issues.
Can you offer any advice when it comes to choosing a Sedgefield conveyancing practice to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Sedgefield conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Sedgefield conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- How many lease extensions has the firm carried out in Sedgefield in the last year?
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £325000 apartment in Sedgefield next week. The landlords agents has quoted £408 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Sedgefield?
Sedgefield conveyancing on leasehold flats ordinarily involves administration charges raised by management companies :
- Addressing conveyancing due diligence enquiries
- Where consent is required before sale in Sedgefield
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Are there frequently found deficiencies that you witness in leases for Sedgefield properties?
There is nothing unique about leasehold conveyancing in Sedgefield. All leases are unique and drafting errors can result in certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the premises
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
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. National Westminster Bank, Virgin Money, and Bank of Ireland 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 does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to withdraw.
Leasehold Conveyancing in Sedgefield - A selection of Queries before Purchasing
It is important to be aware if a new roof is being installed or some other major work is coming up that will be shared amongst the leaseholders and may well materially impact the level of the service fees or require a one off invoice.
Plenty Sedgefield leasehold flats will have a service charge for maintenance of the building invoiced on behalf of the management company. Where you acquire the apartment you will have to meet this charge, normally periodically throughout the year. This could vary from several hundred pounds to thousands of pounds for bigger purpose-built blocks. In all probability there will be a ground rent for you to pay annual, this is usually not a significant sum, say about £25-£75 but you need to check as on occasion it can be surprisingly expensive.
What is the name of the managing agents?