Frequently asked questions relating to Southport leasehold conveyancing
I am in need of some leasehold conveyancing in Southport. Before diving in I want to be sure as to the unexpired term of the lease.
Assuming the lease is registered - and 99.9% are in Southport - 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 have just started marketing my basement apartment in Southport.Conveyancing lawyers have not yet been instructed but I have just received a quarterly service charge demand – Do I pay up?
It best that you clear the service charge 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.
Back In 2009, I bought a leasehold flat in Southport. Conveyancing and HSBC Bank mortgage organised. A letter has just been received from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1994. The conveyancing practitioner in Southport who previously acted has now retired.Any advice?
First make enquiries of HMLR to be sure that the individual purporting to own the freehold is indeed the new freeholder. There is no need to instruct a Southport conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a couple of maisonettes in Southport both have approximately fifty years left on the leases. should I be concerned?
There is no doubt about it. A leasehold apartment in Southport is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the marketability of the property. For most purchasers and lenders, leases with less than eighty years become less and less marketable. On a more upbeat 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 Southport conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.
What are your top tips when it comes to choosing a Southport conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a Southport conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Southport conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- How many lease extensions has the firm completed in Southport in the last year?
Southport Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to buying
The best form of lease structure is where the freehold title is in the ownership of the leaseholders. In this arrangement the tenants benefit from control and notwithstanding that a managing agent is usually employed if it is bigger than a house conversion, the managing agent acts for the leaseholders themselves.
Plenty Southport leasehold apartments will incur a service charge for maintenance of the block levied by the freeholder. If you purchase the flat you will have to pay this amount, usually periodically during the year. This may vary from a few hundred pounds to thousands of pounds for blocks with lifts and large communal grounds. In all probability there will be a rentcharge to be met yearly, this is usually not a exorbitant sum, say approximately £25-£75 but you need to enquire as occasionally it could be many hundreds of pounds.
Are any of leasehold owners in arrears of their service charge liability?