Common questions relating to Umberleigh leasehold conveyancing
I am on look out for some leasehold conveyancing in Umberleigh. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and almost all are in Umberleigh - then the leasehold title will always include the short particulars 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.
I am tempted by the attractive purchase price for a couple of apartments in Umberleigh both have about forty five years remaining on the lease term. Will this present a problem?
There are plenty of short leases in Umberleigh. The lease is a right to use the property for a prescribed time frame. As the lease shortens the marketability of the lease decreases and results in it becoming more costly to acquire a lease extension. For this reason it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this field
Last month I purchased a leasehold flat in Umberleigh. Do I have any liability for service charges for periods before 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. 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).
What are your top tips when it comes to choosing a Umberleigh conveyancing practice to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Umberleigh conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Umberleigh conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:
- What volume of lease extensions has the firm completed in Umberleigh in the last 12 months?
Can you provide any top tips for leasehold conveyancing in Umberleigh from the perspective of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Umberleigh can be bypassed if you instruct lawyers as soon as you market your property and ask them to collate the leasehold information needed by the purchasers’ conveyancers.
- Many freeholders or managing agents in Umberleigh levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Umberleigh.
Leasehold Conveyancing in Umberleigh - A selection of Queries Prior to buying
How long is the Lease?
Is anyone aware of any major works anticipated that could increase the maintenance charges?
What prohibitions are there in the Umberleigh Lease?