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

When it comes to leasehold conveyancing in St Ives, you will need to chose a conveyancing solicitor with leasehold experience. Whether your mortgage company is to be Clydesdale , Yorkshire Building Society or Nationwide make sure you choose a lawyer on their panel. Find a St Ives conveyancing lawyer with our search tool

Common questions relating to St Ives leasehold conveyancing

I am in need of some leasehold conveyancing in St Ives. Before diving in I require certainty as to the number of years remaining on the lease.

Assuming the lease is registered - and almost all are in St Ives - then the leasehold title will always include the short particulars 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.

Estate agents have just been given the go-ahead to market my ground floor apartment in St Ives.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly service charge invoice – should I leave it to the buyer to sort out?

The sensible thing to do is 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 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 am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a great figure which is making it all the more appealing. I have just been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in St Ives. Conveyancing solicitors have not yet been instructed. Will they explain the issues?

The majority of houses in St Ives are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in St Ives so you should seriously consider shopping around for a St Ives conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’spermission to carry out alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the property is part of an estate. Your lawyer should appraise you on the various issues.

Last month I purchased a leasehold property in St Ives. Do I have any liability for service charges relating to a period prior to completion of my purchase?

In a situation 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. However, 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 ensure 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).

What are the common deficiencies that you witness in leases for St Ives properties?

There is nothing unique about leasehold conveyancing in St Ives. All leases are unique and drafting errors can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:

  • Repairing obligations to or maintain elements of the premises
  • A duty to insure the building
  • Clauses dealing with recovering service charges for expenditure on the building or common parts.
  • Service charge per centages that don't add up correctly leaving a shortfall

You could encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Leeds Building Society, and Alliance & Leicester all have very detailed requirements 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 grant the mortgage, obliging the buyer to pull out.

Leasehold Conveyancing in St Ives - A selection of Questions you should ask Prior to Purchasing

    What restrictions are there in the St Ives Lease? Are any of leasehold owners in arrears of their service charge liability? The prefered form of lease structure is if the freehold interest is in the ownership of the leaseholders. In this scenario the lessees enjoy control and notwithstanding that a managing agent is usually employed where it is bigger than a house conversion, the managing agent acts for the leaseholders themselves.

Other Topics

Lease Extensions in St Ives