Top Five Questions relating to Thornhill leasehold conveyancing
Having checked my lease I have discovered that there are only Seventy years remaining on my lease in Thornhill. I now want to get lease extension but my freeholder is missing. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to find the freeholder. For most situations a specialist should be useful to carry out a search and to produce a report to be used as proof that the landlord can not be located. It is wise to seek advice from a conveyancer in relation to devolving into the landlord’s absence and the vesting order request to the County Court overseeing Thornhill.
I today plan to offer on a house that seems to be perfect, at a reasonable price which is making it all the more appealing. I have just been informed that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Thornhill. Conveyancing advisers have are about to be instructed. Will they explain the issues?
The majority of houses in Thornhill are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Thornhill so you should seriously consider looking for a Thornhill conveyancing practitioner and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is part of an estate. Your conveyancer should appraise you on the various issues.
I've recently bought a leasehold flat in Thornhill. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee 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 ensure 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 advice can you give us when it comes to finding a Thornhill conveyancing firm to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Thornhill conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Thornhill conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- How familiar is the firm with lease extension legislation?
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £500000 apartment in Thornhill next week. The management company has quoted £384 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Thornhill?
Thornhill conveyancing on leasehold flats typically involves administration charges levied by landlords agents :
- Addressing conveyancing due diligence enquiries
- Where consent is required before sale in Thornhill
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Leasehold Conveyancing in Thornhill - A selection of Queries before buying
How many of the leaseholders are in arrears for their service charge payments?
You will want to discover as much as you can concerning the company managing the block as they will either make living at the property much easier or problematic. As the proprietor of a leasehold property you are frequently in the clutches of the managing agents both financially and when it comes to practical matters such as the upkeep of the communal areas. Don't be afraid to ask other tenants what they think of their management. On a final note, investigate as to the dates that the maintenance charges are due to the managing agents and specifically what it includes.
How is the lease structured?