Recently asked questions relating to Twyford leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Twyford. Before diving in I would like to find out the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and most are in Twyford - 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.
Having checked my lease I have discovered that there are only Seventy years unexpired on my flat in Twyford. I need to extend my lease but my freeholder is missing. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. You will be obliged to prove that you have made all reasonable attempts to find the lessor. In some cases a specialist may be useful to try and locate and prepare a report which can be accepted by the court as evidence that the freeholder can not be located. It is advisable to get professional help from a solicitor in relation to investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Twyford.
I am looking at a two apartments in Twyford both have approximately 50 years unexpired on the lease term. Do I need to be concerned?
A lease is a right to use the premises for a period of time. As the lease shortens the marketability of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this area
Last month I purchased a leasehold flat in Twyford. Do I have any liability for service charges relating to a period prior to my ownership?
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. 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).
Do you have any top tips for leasehold conveyancing in Twyford with the purpose of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Twyford can be reduced if you appoint lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the purchasers’ lawyers.
- The majority landlords or managing agents in Twyford levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Twyford.
Leasehold Conveyancing in Twyford - Sample of Queries Prior to Purchasing
For most Twyford leaseholds the cost for major works are not included within service charges, albeit that there some managing agents in Twyford require tenants to pay into a sinking fund created for the specific purpose of establishing a fund for major repairs or maintenance.
Plenty Twyford leasehold properties will be liable to pay a service charge for maintenance of the building invoiced on behalf of the landlord. Where you acquire the property you will have to meet this contribution, usually in instalments accross the year. This can differ from several hundred pounds to thousands of pounds for bigger purpose-built blocks. In all probability there will be a rentcharge for you to pay annual, normally this is not a significant figure, say around £25-£75 but you should to enquire as on occasion it could be many hundreds of pounds.
You should want to find out as much as you can concerning the managing agents as they will either make living at the property much simpler or problematic. Being a leasehold owner you are often in the clutches of the managing agents both financially and when it comes to every day issues like the upkeep of the common parts. Enquire of other tenants whether they are happy with their service. In conclusion, find out the dates that you are obliged pay the service charge to the appropriate party and specifically what you get for your money.