Common questions relating to Ulverston leasehold conveyancing
I have just appointed agents to market my 2 bed flat in Ulverston.Conveyancing lawyers have not yet been instructed but I have just had a quarterly service charge invoice – Do I pay up?
The sensible thing to do is clear the service charge 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. This will smooth the conveyancing process.
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have since discovered that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Ulverston. Conveyancing advisers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Ulverston ?
The majority of houses in Ulverston are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Ulverston so you should seriously consider looking for a Ulverston conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’sconsent to carry out alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is located on an estate. Your lawyer will advise you fully on all the issues.
Last month I purchased a leasehold flat in Ulverston. Am I liable to pay service charges for periods before completion of my purchase?
In a situation 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).
All being well we will complete the sale of our £200000 flat in Ulverston in nine days. The landlords agents has quoted £408 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Ulverston?
For most leasehold sales in Ulverston conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing pre-exchange enquiries
- Where consent is required before sale in Ulverston
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
When it comes to leasehold conveyancing in Ulverston what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Ulverston. All leases are unique and legal mistakes in the legal wording can result in certain provisions are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the building
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
You will encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Leeds Building Society, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.
I acquired a 2 bed flat in Ulverston, conveyancing formalities finalised 10 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Ulverston with an extended lease are worth £250,000. The ground rent is £65 yearly. The lease finishes on 21st October 2079
With only 58 years unexpired the likely cost is going to range between £24,700 and £28,600 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.