I’m about to sell my ground floor flat in Thornaby.Conveyancing has not commenced but I have just received a yearly maintenance charge demand – Do I pay up?

It best that you 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 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. Having a clear account will assist your cause and will leave you no worse off financially.

Back In 2006, I bought a leasehold house in Thornaby. Conveyancing and Platform Home Loans Ltd mortgage organised. I have received a letter from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Thornaby who acted for me is not around.Do I pay?

First contact HMLR to be sure that the individual claiming to own the freehold is in fact the new freeholder. You do not need to instruct a Thornaby conveyancing firm to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am attracted to a two flats in Thornaby which have in the region of 50 years left on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Thornaby is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the premises. For most buyers and banks, leases with under eighty years become less and less attractive. 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 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 Thornaby 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 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.

What are your top tips when it comes to choosing a Thornaby conveyancing firm to deal with our lease extension?

If you are instructing a solicitor for lease extension works (regardless if they are a Thornaby conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Thornaby conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:

• What volume of lease extensions has the firm carried out in Thornaby in the last twenty four months?
• What are the costs for lease extension conveyancing?

Do you have any advice for leasehold conveyancing in Thornaby with the purpose of expediting the sale process?

• Much of the frustration in leasehold conveyancing in Thornaby can be reduced where you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the buyers solicitors.
• The majority freeholders or managing agents in Thornaby charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Thornaby.
• In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Thornaby leases often stipulate that internal structural alterations or addition of wooden flooring require a licence issued by the Landlord approving such works. If you fail to have the paperwork in place you should not contact the landlord without checking with your lawyer before hand.
• If there is a history of any disputes with your freeholder or managing agents it is very important that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be warry about purchasing a property where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. 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 purchasers, but it is better to reveal the dispute as over as opposed to ongoing.
• If you are supposed to have a share in the freehold, you should ensure that you hold the original share certificate. Obtaining a new share certificate can be a time consuming formality and slows down many a Thornaby home move. Where a duplicate share is needed, you should approach the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.

Thornaby Conveyancing for Leasehold Flats - A selection of Questions you should consider before buying

Best to be warned if window replacement or some other major work is anticipated to be shared by the leasehold owners and may well dramatically increase the the maintenance charges or necessitate a specific payment. Is anyone aware of any major works in the planning that could add a premium to the service charges?