Due to complete next month on a ground floor flat in Ulverston. Conveyancing lawyers inform me that they report fully tomorrow. What should I be looking out for?

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

• You should receive a copy of the lease

Estate agents have just been given the go-ahead to market my garden flat in Ulverston.Conveyancing solicitors are to be appointed soon but I have just received a yearly maintenance charge demand – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should pay 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 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 today plan to offer on a house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have subsequently found out that the title is leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Ulverston. Conveyancing advisers have are soon to be instructed. Will they explain the issues?

The majority of houses in Ulverston are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Ulverston so you should seriously consider looking for a Ulverston conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’sconsent to carry out alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is part of an estate. Your lawyer should appraise you on the various issues.

Last month I purchased a leasehold flat in Ulverston. Am I liable to pay service charges relating to a period prior to my ownership?

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. However, your landlord may still be able to take action to forfeit the lease. A critical element 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).

What makes a Ulverston lease unmortgageable?

Leasehold conveyancing in Ulverston is not unique. All leases is drafted differently and drafting errors can result in certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain elements of the building
• Insurance obligations
• 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 could have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Norwich and Peterborough Building Society, and Clydesdale all have very detailed requirements 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 grant the mortgage, forcing the purchaser to pull out.

Ulverston Conveyancing for Leasehold Flats - Sample of Queries before Purchasing

Where a Ulverston lease has less than 80 years it will have adverse implications on the salability of the apartment. It is worth checking with your bank that they are content with residual term of the lease. Leases with less than 80 years remaining means that you will most likely have to extend the lease sooner rather than later and it is worth discovering what this would cost. Remember, in most cases you would be be obliged to have been the owner of the property for two years in order to be entitled to carry out a lease extension. Plenty Ulverston leasehold properties will be liable to pay a service charge for maintenance of the block invoiced on behalf of the freeholder. Where you buy the apartment you will have to pay this contribution, usually quarterly during the year. This can differ from two or three hundred pounds to thousands of pounds for blocks with lifts and large common areas. In all likelihood there will be a ground rent to be met yearly, this is usually not a significant figure, say about £25-£75 but you should to enquire as occasionally it could be many hundreds of pounds. Are any of leasehold owners in dispute over their service charge liability?

Other Topics

Lease Extensions in Ulverston