Leasehold Conveyancing in Topsham - Get a Quote from the leasehold experts approved by your lender

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Sample questions relating to Topsham leasehold conveyancing

Looking forward to complete next month on a basement flat in Topsham. Conveyancing lawyers have said that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Topsham should include some of the following:

  • The unexpired lease term You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
  • Are pets allowed in the flat?
  • You should be told what constitutes a Nuisance in the lease
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be contained in your report on your leasehold property in Topsham please ask your solicitor in ahead of your conveyancing in Topsham

    • Estate agents have just been given the go-ahead to market my basement apartment in Topsham.Conveyancing has not commenced but I have just received a half-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 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. Having a clear account will assist your cause and will leave you no worse off financially.

    I've recently bought a leasehold property in Topsham. 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. 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 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).

    I work for a reputable estate agency in Topsham where we have witnessed a few flat sales derailed due to leases having less than 80 years remaining. I have been given conflicting advice from local Topsham conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?

    Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is 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 has to be done before, or at the same time as 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.

    Do you have any top tips for leasehold conveyancing in Topsham with the aim of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Topsham can be reduced if you instruct lawyers the minute you market your property and ask them to put together the leasehold documentation needed by the buyers conveyancers.
    • The majority freeholders or Management Companies in Topsham levy fees for supplying management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Topsham.
  • Some Topsham leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is able to meet the annual 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 solicitors.
  • If there is a history of conflict with your landlord or managing agents it is essential that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be concerned about purchasing a property where a dispute is ongoing. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. 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 buyers, but it is clearly preferable to present the dispute as over as opposed to unsettled.
  • If you are supposed to have a share in the freehold, you should make sure that you are holding the original share certificate. Obtaining a new share certificate is often a lengthy formality and slows down many a Topsham home move. If a new share certificate is required, you should approach the company officers or managing agents (if relevant) for this at the earliest opportunity.

    • I inherited a basement flat in Topsham, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Topsham with over 90 years remaining are worth £243,000. The ground rent is £50 invoiced annually. The lease expires on 21st October 2075

    With only 55 years unexpired we estimate the premium for your lease extension to span between £33,300 and £38,400 as well as costs.

    The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Topsham