Fixed-fee leasehold conveyancing in Tickton:

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Questions and Answers: Tickton leasehold conveyancing

I am on look out for some leasehold conveyancing in Tickton. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.

Assuming the lease is registered - and most are in Tickton - 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.

My wife and I purchased a leasehold flat in Tickton. Conveyancing and Coventry Building Society mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1996. The conveyancing solicitor in Tickton who acted for me is not around.Any advice?

First make enquiries of HMLR to make sure that this person is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Tickton conveyancing lawyer to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am tempted by the attractive purchase price for a two apartments in Tickton both have approximately 50 years left on the lease term. should I be concerned?

There are plenty of short leases in Tickton. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the value of the lease decreases and it becomes more costly to acquire a lease extension. For this reason it is advisable to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this area

I've recently bought a leasehold flat in Tickton. Am I liable to pay 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. However, 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).

I am employed by a long established estate agent office in Tickton where we have experienced a number of flat sales put at risk due to short leases. I have been given conflicting advice from local Tickton conveyancing solicitors. Could you shed some light as to whether the owner of a flat can initiate the lease extension formalities for the buyer?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.

An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

Leasehold Conveyancing in Tickton - Examples of Queries Prior to Purchasing

    This information is useful as a) areas may result in problems for the block as the communal areas may start to deteriorate if services are not paid for b) if the leaseholders have a dispute with the running of the building you will want to have all the details Is anyone aware of any major works in the near future that could add a premium to the service fees? Be sure to enquire if there is anything that is prohibited in the lease. For example some leases prohibit pets being permitted in in a block in Tickton. If you love the propertyin Tickton yet your dog is not allowed to live with you then you will be presented with a hard choice.

Other Topics

Lease Extensions in Tickton