Sample questions relating to Theale leasehold conveyancing
I am in need of some leasehold conveyancing in Theale. Before diving in I would like to find out the number of years remaining on the lease.
If the lease is recorded at the land registry - and almost all are in Theale - 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.
Estate agents have just been given the go-ahead to market my garden flat in Theale.Conveyancing lawyers have not yet been instructed but I have just had a yearly maintenance charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge 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. This will smooth the conveyancing process.
I am looking at a couple of apartments in Theale both have about fifty years left on the lease term. Will this present a problem?
There are no two ways about it. A leasehold flat in Theale is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the property. The majority of purchasers and banks, leases with less than 75 years become less and less marketable. On a more positive 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 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 Theale 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 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 house in Theale. Do I have any liability for service charges relating to a period prior to completion of my purchase?
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. It is an essential part 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 Theale conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Theale conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with several firms including non Theale conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- How many lease extensions has the firm completed in Theale in the last twenty four months?
Leasehold Conveyancing in Theale - Examples of Questions you should consider Prior to Purchasing
It is important to be aware if window replacement or some other significant cost is pending to be shared between the tenants and could well dramatically increase the the maintenance fees or result in a one off invoice.
The answer will be important as a) areas could cause problems in the building as the communal areas may start to deteriorate where services are not paid for b) if the tenants have an issue with the managing agents you will wish to have all the details
Generally speaking the outlay for major works are not built into the maintenance charges, although there some managing agents in Theale obliged leaseholders to contribute towards a reserve fund created for the specific purpose of building a fund for major works.