Recently asked questions relating to Shipley leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Shipley. Before diving in I want to be sure as to the remaining lease term.
Assuming the lease is registered - and 99.9% are in Shipley - 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.
Planning to exchange soon on a ground floor flat in Shipley. Conveyancing lawyers have said that they report fully next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Shipley should include some of the following:
- You should receive a copy of the lease
Estate agents have just been given the go-ahead to market my garden flat in Shipley.Conveyancing is yet to be initiated but I have just had a yearly maintenance charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should clear 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 until 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 tempted by the attractive purchase price for a two flats in Shipley both have in the region of 50 years remaining on the lease term. Do I need to be concerned?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the saleability of the lease decreases and it becomes more costly to acquire a lease extension. For this reason it is advisable to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this area
Can you offer any advice when it comes to choosing a Shipley conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Shipley conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Shipley conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:
- How familiar is the firm with lease extension legislation?
Leasehold Conveyancing in Shipley - Examples of Questions you should ask before buying
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How much is the maintenance charge and ground rent on the flat?
Please inform me if there are any major works in the planning that will likely increase the maintenance costs?
This information is important as a) areas can result in problems for the building as the communal areas may begin to deteriorate if repairs are not paid for b) if the tenants have an issue with the managing agents you will want to know about it
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