I've found a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have subsequently found out that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Tedburn St Mary. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Tedburn St Mary ?

Most houses in Tedburn St Mary are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Tedburn St Mary so you should seriously consider shopping around for a Tedburn St Mary conveyancing solicitor and check that they are used to advising 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 landlord’sconsent to conduct 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 conveyancer should appraise you on the various issues.

I am attracted to a couple of flats in Tedburn St Mary which have approximately 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Tedburn St Mary is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the value of the property. For most buyers and banks, leases with under eighty years become less and less attractive. 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 property 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 Tedburn St Mary conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed 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.

I've recently bought a leasehold flat in Tedburn St Mary. Do I have any liability for service charges for periods before my ownership?

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. 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 offer any advice when it comes to choosing a Tedburn St Mary conveyancing firm to carry out our lease extension conveyancing?

When appointing a solicitor for your lease extension (regardless if they are a Tedburn St Mary conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Tedburn St Mary conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:

• How experienced is the practice with lease extension legislation?
• How many lease extensions has the firm completed in Tedburn St Mary in the last twenty four months?

Can you provide any advice for leasehold conveyancing in Tedburn St Mary from the point of view of expediting the sale process?

• A significant proportion of the delay in leasehold conveyancing in Tedburn St Mary can be reduced where you get in touch lawyers the minute your agents start advertising the property and ask them to put together the leasehold information needed by the purchasers’ representatives.
• Many landlords or managing agents in Tedburn St Mary levy fees for providing management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management information sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Tedburn St Mary.
• In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Tedburn St Mary leases often stipulate that internal structural changes or addition of wooden flooring calls for a licence issued by the Landlord approving such changes. Should you dont have the paperwork to hand you should not contact the landlord without checking with your solicitor in the first instance.
• If there is a history of conflict with your freeholder or managing agents it is essential that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a property where a dispute is unresolved. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to reveal the dispute as historic as opposed to unsettled.
• If you hold a share in a the freehold, you should make sure that you hold the original share document. Arranging a re-issued share certificate is often a lengthy process and frustrates many a Tedburn St Mary home move. Where a new share certificate is required, you should approach the company director and secretary or managing agents (if relevant) for this sooner rather than later.

Tedburn St Mary Leasehold Conveyancing - Sample of Questions you should consider Prior to buying

Best to be warned if a new roof is being put on or some other major work is pending to be shared by the leasehold owners and will dramatically impact the level of the service costs or necessitate a one time payment.