Fixed-fee leasehold conveyancing in St Neots:

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Top Five Questions relating to St Neots leasehold conveyancing

I am in need of some leasehold conveyancing in St Neots. Before I get started I would like to find out the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and most are in St Neots - 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.

Planning to exchange soon on a leasehold property in St Neots. Conveyancing solicitors have said that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in St Neots should include some of the following:

  • You should receive a copy of the lease
  • The unexpired lease term You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years
  • Setting out your legal entitlements in respect of common areas in the building.For example, does the lease grant a right of way over a path or hallways?
  • Are you allowed to have a pet in the flat?
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Whether your lease has a provision for a reserve fund? For details of the information to be included in your report on your leasehold property in St Neots please enquire of your conveyancer in advance of your conveyancing in St Neots

    • I have just started marketing my 2 bed flat in St Neots.Conveyancing lawyers have not yet been instructed but I have just received a yearly maintenance charge demand – what should I do?

    It best that you 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. This will smooth the conveyancing process.

    Can you provide any top tips for leasehold conveyancing in St Neots from the perspective of speeding up the sale process?

    • Much of the frustration in leasehold conveyancing in St Neots can be avoided if you appoint lawyers the minute your agents start marketing the property and ask them to collate the leasehold documentation needed by the buyers solicitors.
    • Some St Neots leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors.
  • If you have had conflict with your freeholder or managing agents it is essential that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to completion of the sale. 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 details of the dispute to the buyers, but it is better to reveal the dispute as over as opposed to ongoing.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you are holding the original share certificate. Organising a new share certificate is often a lengthy formality and slows down many a St Neots conveyancing transaction. If a new share certificate is needed, do contact the company director and secretary or managing agents (where relevant) for this sooner rather than later.
  • You believe that you know the number of years left on your lease but it would be wise to double-check by asking your lawyers. A purchaser's lawyer will not be happy to advise their client to to exchange contracts if the lease term is under 80 years. In the circumstances it is 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 property on the market for sale.

    • What makes a St Neots lease unmortgageable?

    Leasehold conveyancing in St Neots is not unique. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are not included. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain parts of the property
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Barnsley Building Society, and Nottingham Building Society all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the purchaser to pull out.

    Leasehold Conveyancing in St Neots - A selection of Queries Prior to Purchasing

      Its a good idea to discover as much as you can regarding the managing agents as they can either make living at the property much simpler or much more difficult. Being a leasehold owner you are frequently at the mercy of the managing agents from a financial perspective and when it comes to day to day matters such as the tidiness of the communal areas. Don't be shy to ask prospective neighbours whether they are happy with them. On a final note, investigate as to the dates that you are obliged pay the service charge to the managing agents and specifically what it includes. The best form of lease structure is a share of the freehold. In this scenario the leaseholders benefit from control and notwithstanding that a managing agent is usually retained where the building is larger than a house conversion, the managing agent acts for the leaseholders themselves. What is the the remaining lease term?

    Other Topics

    Lease Extensions in St Neots