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Shefford leasehold conveyancing: Q and A’s

Looking forward to sign contracts shortly on a leasehold property in Shefford. Conveyancing solicitors have said that they report fully within the next couple of days. What should I be looking out for?

Your report on title for your leasehold conveyancing in Shefford should include some of the following:

  • Are you allowed to have a pet in the flat?
  • You should have a good understanding of the insurance provisions
  • Repair and maintenance of the flat
  • Changes to the flat (alterations and additions)
  • Responsibility for repairing the window frames
  • What you can do if a neighbour is in violation of a provision in their lease?
  • What the implications are if you breach a clause of your lease? For details of the information to be contained in your report on your leasehold property in Shefford please enquire of your solicitor in advance of your conveyancing in Shefford

    • Last month I purchased a leasehold house in Shefford. Do I have any liability for service charges relating to a period prior to 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. 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).

    I am employed by a reputable estate agent office in Shefford where we see a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have been given contradictory information from local Shefford conveyancing firms. Could you confirm whether the vendor of a flat can commence the lease extension process for the purchaser on completion of the sale?

    Provided that the seller has been the owner 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 proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.

    Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 purchaser.

    Can you provide any advice for leasehold conveyancing in Shefford with the aim of saving time on the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Shefford can be avoided if you get in touch lawyers as soon as your agents start advertising the property and ask them to put together the leasehold documentation needed by the buyers lawyers.
    • The majority freeholders or Management Companies in Shefford charge for supplying management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Shefford.
  • In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Shefford leases often stipulate that internal structural alterations or addition of wooden flooring require a licence issued by the Landlord acquiescing to such changes. Where you dont have the paperwork in place you should not contact the landlord without checking with your conveyancer in advance.
  • If you have had any disputes with your freeholder or managing agents it is very important that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be concerned about purchasing a property where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to present the dispute as over as opposed to unsettled.
  • If you are supposed to have a share in the freehold, you should make sure that you have the original share certificate. Arranging a new share certificate can be a time consuming process and slows down many a Shefford conveyancing deal. Where a duplicate share is necessary, do contact the company director and secretary or managing agents (where relevant) for this as soon as possible.

    • When it comes to leasehold conveyancing in Shefford what are the most frequent lease defects?

    Leasehold conveyancing in Shefford is not unique. Most leases are unique and drafting errors can result in certain sections are erroneous. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the building
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • 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. Birmingham Midshires, The Royal Bank of Scotland, and Alliance & Leicester all have very detailed conveyancing instructions 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 provide security, obliging the buyer to withdraw.

    Leasehold Conveyancing in Shefford - Examples of Questions you should consider Prior to Purchasing

      It would be sensible to find out as much as you can about the managing agents as they will affect your use and enjoyment of the property. As the owner of a leasehold property you are frequently at the mercy of the managing agents from a financial perspective and when it comes to every day issues like the cleanliness of the communal areas. Ask other people what they think of their service. Finally, find out the dates that you are obliged pay the maintenance charge to the managing agents and precisely what you get for your money. What prohibitions are contained in the Shefford Lease? Best to be warned whether redecorating or some other significant cost is pending to be shared by the tenants and may well materially impact the level of the maintenance costs or necessitate a one off invoice.

    Other Topics

    Lease Extensions in Shefford