Fixed-fee leasehold conveyancing in Torrington:

When it comes to leasehold conveyancing in Torrington, you will need to chose a conveyancing lawyer with leasehold experience. Whether your lender is to be Clydesdale , Yorkshire Building Society or NatWest be sure to find a lawyer on their panel. Feel free to use our search tool

Top Five Questions relating to Torrington leasehold conveyancing

Due to sign contracts shortly on a basement flat in Torrington. Conveyancing lawyers have said that they report fully on Monday. Are there areas in the report that I should be focusing on?

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

  • You should receive a copy of the lease
  • Setting out your rights in respect of the communal areas in the block.By way of example, does the lease grant a right of way over an accessway or hallways?
  • Will you be prohibited or prevented from having pets in the property?
  • You should be told what constitutes a Nuisance in the lease
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Whether your lease has a provision for a reserve fund?
  • Responsibility for repairing the window frames For a comprehensive list of information to be included in your report on your leasehold property in Torrington please enquire of your solicitor in ahead of your conveyancing in Torrington

  • I’m about to sell my basement apartment in Torrington.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly service charge demand – Do I pay up?

    It best that you 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 managing agents 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 am tempted by the attractive purchase price for a couple of flats in Torrington which have approximately forty five years unexpired on the leases. Will this present a problem?

    There are plenty of short leases in Torrington. The lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the value of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. This is why it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease extension can be a protracted process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this arena

    I am employed by a reputable estate agent office in Torrington where we have experienced a few leasehold sales put at risk as a result of short leases. I have received contradictory information from local Torrington conveyancing solicitors. Can you shed some light as to whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?

    Provided that the seller has owned the lease 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. This means that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, 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.

    Can you provide any top tips for leasehold conveyancing in Torrington from the perspective of saving time on the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Torrington can be bypassed where you get in touch lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the buyers solicitors.
    • The majority freeholders or Management Companies in Torrington 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 sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Torrington.
  • A minority of Torrington leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly 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 service charge figures so that they can pass this information on to the purchasers or their lawyers.
  • If there is a history of any disputes with your freeholder or managing agents it is essential that these are settled before the property is marketed. The purchasers and their solicitors will be concerned about purchasing a flat where a dispute is unsettled. You may need to swallow your pride and 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 ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as historic as opposed to unresolved.
  • If you have the benefit of shareholding in the freehold, you should make sure that you are holding the original share certificate. Organising a replacement share certificate is often a lengthy process and slows down many a Torrington conveyancing deal. If a reissued share certificate is needed, do contact the company director and secretary or managing agents (if applicable) for this as soon as possible.

  • Leasehold Conveyancing in Torrington - Examples of Queries Prior to Purchasing

      The best form of lease arrangement is a share of the freehold. In this scenario the leaseholders enjoy control and notwithstanding that a managing agent is usually employed where the building is bigger than a house conversion, the managing agent employed by the leaseholders. Does the lease contain onerous restrictions? What is the name of the managing agents?

    Other Topics

    Lease Extensions in Torrington