Leasehold Conveyancing in St Ives - Get a Quote from the leasehold experts approved by your lender

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Sample questions relating to St Ives leasehold conveyancing

I've found a house that appears to tick a lot of boxes, at a great price which is making it all the more appealing. I have just been informed that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in St Ives. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in St Ives ?

The majority of houses in St Ives are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in St Ives in which case you should be shopping around for a St Ives conveyancing solicitor and be sure 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 tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’sconsent to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your lawyer should advise you fully on all the issues.

I am looking at a two flats in St Ives which have in the region of fifty years remaining on the lease term. Will this present a problem?

A lease is a right to use the property for a prescribed time frame. As the lease shortens the marketability of the lease reduces and results in it becoming more expensive to extend the lease. This is why it is advisable to extend the lease term. It is often difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan 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

I've recently bought a leasehold property in St Ives. Am I liable to pay service charges relating to a period prior to 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. 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).

Can you offer any advice when it comes to finding a St Ives conveyancing firm to carry out our lease extension conveyancing?

When appointing a conveyancer for your lease extension (regardless if they are a St Ives conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non St Ives conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:

  • If they are not ALEP accredited then why not?
  • Can they put you in touch with client in St Ives who can give a testimonial?

    • Do you have any top tips for leasehold conveyancing in St Ives with the intention of saving time on the sale process?

    • Much of the frustration in leasehold conveyancing in St Ives can be bypassed where you instruct lawyers the minute you market your property and request that they start to put together the leasehold information needed by the purchasers’ conveyancers.
    • In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? St Ives leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence issued by the Landlord acquiescing to such changes. Where you fail to have the consents in place do not contact the landlord without checking with your lawyer in the first instance.
  • If you have had conflict with your landlord or managing agents it is essential that these are resolved prior to the flat being marketed. The buyers and their solicitors will be concerned about purchasing a property where a dispute is unresolved. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to present the dispute as over as opposed to unsettled.
  • If you hold a share in a the Management Company, you should make sure that you hold the original share document. Arranging a re-issued share certificate is often a time consuming formality and slows down many a St Ives home move. If a reissued share certificate is required, you should approach the company director and secretary or managing agents (if relevant) for this as soon as possible.
  • You believe that you know the number of years left on your lease but it would be advisable double-check via your lawyers. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is under 75 years. It is therefore important at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • Leasehold Conveyancing in St Ives - Sample of Queries Prior to Purchasing

      On the whole the cost for major works tend not to be built into the service charges, albeit that some managing agents in St Ives require leasehold owners to contribute towards a reserve fund created for the specific purpose of establishing a fund for major works. Is there a share of the freehold? The best form of lease structure is where the freehold reversion is in the ownership of the leaseholders. In this arrangement the lessees benefit from being in charge if their destiny and although a managing agent is often retained if it is larger than a house conversion, the managing agent acts for the leaseholders themselves.

    Other Topics

    Lease Extensions in St Ives