Experts for Leasehold Conveyancing in Trowbridge Estate

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Examples of recent questions relating to leasehold conveyancing in Trowbridge Estate

Due to exchange soon on a leasehold property in Trowbridge Estate. Conveyancing lawyers assured me that they are sending me a report next week. What should I be looking out for?

The report on title for your leasehold conveyancing in Trowbridge Estate should include some of the following:

  • Does the lease require carpeting throughout thus preventing wood flooring?
  • Will you be prohibited or prevented from having pets in the property?
  • Does the lease prevent you from renting out the flat, or having a home office for business
  • 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
  • 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 premises and do you know what it means in practice?
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building For details of the information to be contained in your report on your leasehold property in Trowbridge Estate please enquire of your lawyer in advance of your conveyancing in Trowbridge Estate

  • I am tempted by the attractive purchase price for a couple of apartments in Trowbridge Estate both have approximately fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?

    There are plenty of short leases in Trowbridge Estate. The lease is a right to use the property for a prescribed time frame. As a lease shortens the saleability of the lease deteriorate and it becomes more costly to acquire a lease extension. For this reason it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this area

    Last month I purchased a leasehold flat in Trowbridge Estate. Am I liable to pay service charges relating to a period prior to completion of my purchase?

    In a situation 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. A critical element 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 Trowbridge Estate where we see a number of flat sales jeopardised due to short leases. I have been given inconsistent advice from local Trowbridge Estate conveyancing firms. Can you clarify whether the seller of a flat can commence the lease extension formalities for the buyer?

    As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years to extend their lease. 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 disposal of the property.

    Alternatively, it may be possible 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 purchaser.

    Do you have any advice for leasehold conveyancing in Trowbridge Estate from the point of view of saving time on the sale process?

    • Much of the delay in leasehold conveyancing in Trowbridge Estate can be reduced if you appoint lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the buyers conveyancers.
    • In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Trowbridge Estate leases often stipulate that internal structural changes or addition of wooden flooring calls for a licence from the Landlord acquiescing to such alterations. Where you dont have the paperwork in place you should not contact the landlord without contacting your conveyancer first.
  • A minority of Trowbridge Estate leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying 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 service charge figures so that they can pass this information on to the purchasers or their lawyers.
  • If there is a history of conflict with your freeholder or managing agents it is essential that these are settled prior to the flat being marketed. The buyers and their solicitors will be nervous about purchasing a property where there is a current dispute. You may need to swallow your pride and discharge 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 are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to present the dispute as historic rather than unsettled.
  • If you have the benefit of shareholding in the freehold, you should ensure that you are holding the original share certificate. Arranging a re-issued share certificate can be a time consuming formality and slows down many a Trowbridge Estate conveyancing transaction. Where a reissued share certificate is required, you should approach the company officers or managing agents (if applicable) for this sooner rather than later.

  • Trowbridge Estate Leasehold Conveyancing - Sample of Questions you should ask before buying

      Is the freehold reversion owned collectively by the leaseholders? Does the lease contain onerous restrictions? Who manages the block?

    Other Topics

    Lease Extensions in Trowbridge Estate