Recently asked questions relating to St Austell leasehold conveyancing
I am hoping to exchange soon on a studio apartment in St Austell. Conveyancing solicitors assured me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in St Austell should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
I’m about to sell my ground floor flat in St Austell.Conveyancing is yet to be initiated but I have just had a quarterly maintenance charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should discharge 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 managing agents 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. Having a clear account will assist your cause and will leave you no worse off financially.
I've found a house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have subsequently been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in St Austell. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in St Austell ?
The majority of houses in St Austell are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in St Austell so you should seriously consider shopping around for a St Austell conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’spermission to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the estate where the property is part of an estate. Your solicitor will report to you on the legal implications.
Last month I purchased a leasehold property in St Austell. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous lessee 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. A critical element 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).
Can you provide any advice for leasehold conveyancing in St Austell from the point of view of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in St Austell can be avoided if you instruct lawyers as soon as your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the purchasers’ conveyancers.
- If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example laid down wooden flooring? St Austell leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence issued by the Landlord acquiescing to such works. Should you fail to have the consents to hand do not contact the landlord without contacting your lawyer in advance.
St Austell Conveyancing for Leasehold Flats - A selection of Queries before buying
Be sure to find out if there is anything that is prohibited in the lease. By way of example it is very common in St Austell leases that pets are not permitted in in a block in St Austell. If you like the propertyin St Austell but your dog can’t make the move with you then you will be presented with a difficult decision.
Are there any major works anticipated that will likely add a premium to the maintenance charges?
Its a good idea to discover as much as you can concerning the company managing the block as they can either make life much simpler or problematic. Being a leasehold owner you will be in the clutches of the managing agents from a financial perspective and when it comes to every day matters like the upkeep of the common parts. Ask prospective neighbours what they think of their management. Finally, find out the dates that you are obliged pay the maintenance charge to the managing agents and specifically how they are spending the funds.