I have just started marketing my 2 bed apartment in St Leonards On Sea.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly service charge invoice – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should pay 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 managing agents 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. Having a clear account will assist your cause and will leave you no worse off financially.

I today plan to offer on a house that seems to be perfect, at a great price which is making it all the more appealing. I have since been informed that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in St Leonards On Sea. Conveyancing advisers have are soon to be appointed. Will they explain the issues?

The majority of houses in St Leonards On Sea are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are purchasing in St Leonards On Sea so you should seriously consider looking for a St Leonards On Sea conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’spermission to carry out changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your solicitor should report to you on the legal implications.

I am tempted by the attractive purchase price for a couple of flats in St Leonards On Sea which have approximately 50 years remaining on the leases. should I be concerned?

There are no two ways about it. A leasehold apartment in St Leonards On Sea is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the marketability of the property. For most purchasers and mortgage companies, 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 property 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 a residence 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 St Leonards On Sea conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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.

Last month I purchased a leasehold property in St Leonards On Sea. 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. 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).

What are your top tips when it comes to choosing a St Leonards On Sea conveyancing firm to deal with our lease extension?

When appointing a conveyancer for your lease extension (regardless if they are a St Leonards On Sea conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non St Leonards On Sea conveyancing practices before you 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 practice with lease extension legislation?

Leasehold Conveyancing in St Leonards On Sea - A selection of Queries before Purchasing

How many years remain on the lease? How is the lease structured? You should be aware if it is fewer than eighty years it will affect the value of the flat. It is worth checking with your bank that they are willing to lend given the lease term. A short lease means that you will almost definitely need a lease extension sooner rather than later and you need to have some idea of what this will be. Remember, in most cases you would be be obliged to have owned the property for 24 months in order to be entitled to extend the lease.

Other Topics

Lease Extensions in St Leonards On Sea