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Common questions relating to Tedburn St Mary leasehold conveyancing

Estate agents have just been given the go-ahead to market my garden apartment in Tedburn St Mary.Conveyancing lawyers have not yet been instructed but I have just had a quarterly service charge invoice – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should 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 management companies 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. This will smooth the conveyancing process.

I own a leasehold house in Tedburn St Mary. Conveyancing and Bank of Ireland mortgage organised. I have received a letter from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1997. The conveyancing solicitor in Tedburn St Mary who previously acted has long since retired.Do I pay?

The first thing you should do is make enquiries of HMLR to make sure that this person is indeed the new freeholder. It is not necessary to instruct a Tedburn St Mary conveyancing practitioner to do this as you can do this on the Land Registry website for £3. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am attracted to a two apartments in Tedburn St Mary which have in the region of forty five years left on the lease term. should I be concerned?

There are no two ways about it. A leasehold apartment in Tedburn St Mary is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the property. For most buyers and banks, leases with under 75 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 premises 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 premises 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 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.

What advice can you give us when it comes to choosing a Tedburn St Mary conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a property lawyer for lease extension works (regardless if they are a Tedburn St Mary conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend 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 so much the better. Some following of questions might be of use:

  • Can they put you in touch with client in Tedburn St Mary who can give a testimonial?
  • What are the costs for lease extension conveyancing?

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

    • A significant proportion of the frustration in leasehold conveyancing in Tedburn St Mary can be avoided where you appoint lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the buyers lawyers.
    • Many landlords or Management Companies in Tedburn St Mary charge for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Tedburn St Mary.
  • A minority of Tedburn St Mary leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet 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 actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • If there is a history of any disputes with your landlord or managing agents it is essential that these are settled prior to the flat being marketed. The buyers and their solicitors will be concerned about purchasing a flat where there is an ongoing dispute. You may need to swallow your pride 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 particulars of the dispute to the purchasers, but it is better to present the dispute as over as opposed to unsettled.
  • You believe that you know the number of years left on your lease but it would be wise to verify this via your conveyancers. A purchaser's lawyer will not be happy to advise their client to to exchange contracts if the lease term is below 80 years. In the circumstances it is important at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • Tedburn St Mary Conveyancing for Leasehold Flats - Examples of Queries before buying

      How many of the leaseholders are in arrears for their service charge payments? Best to be warned if changing the roof or some other major work is anticipated that will be shared amongst the tenants and may well dramatically increase the the maintenance costs or require a specific invoice. What is the maintenance charge and ground rent on the apartment?

    Other Topics

    Lease Extensions in Tedburn St Mary