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Verwood leasehold conveyancing Example Support Desk Enquiries

I’m about to sell my basement apartment in Verwood.Conveyancing has not commenced but I have just had a yearly service charge demand – should I leave it to the buyer to sort out?

It best that you 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 own a leasehold house in Verwood. Conveyancing and Norwich and Peterborough Building Society mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Verwood who acted for me is not around.What should I do?

The first thing you should do is contact the Land Registry to be sure that this person is in fact the registered owner of the freehold reversion. You do not need to instruct a Verwood conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am a negotiator for a long established estate agency in Verwood where we see a number of flat sales jeopardised due to leases having less than 80 years remaining. I have received contradictory information from local Verwood conveyancing firms. Can you shed some light as to whether the vendor of a flat can commence the lease extension process 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 proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.

An alternative approach is to extend the lease informally by agreement with the landlord 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.

What are your top tips when it comes to finding a Verwood conveyancing firm to carry out our lease extension conveyancing?

When appointing a conveyancer for lease extension works (regardless if they are a Verwood conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Verwood conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

  • If they are not ALEP accredited then what is the reason?
  • What are the charges for lease extension conveyancing?

    • Can you provide any top tips for leasehold conveyancing in Verwood from the perspective of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Verwood can be reduced if you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold documentation needed by the purchasers’ conveyancers.
    • A minority of Verwood leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • If there is a history of any disputes with your freeholder or managing agents it is very important that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is better to reveal the dispute as historic rather than unresolved.
  • If you are supposed to have a share in the Management Company, you should ensure that you have the original share document. Organising a new share certificate can be a time consuming formality and delays many a Verwood conveyancing transaction. If a duplicate share certificate is necessary, you should approach the company officers or managing agents (if relevant) for this sooner rather than later.
  • You believe that you know the number of years left on your lease but it would be wise to double-check by asking your lawyers. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is less than 80 years. In the circumstances it is important at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • Leasehold Conveyancing in Verwood - A selection of Questions you should ask before buying

      Make sure you enquire if the the lease contains any adverse restrictions in the lease. For example it is reasonably common in Verwood leases that pets are not permitted in certain buildings in Verwood. If you like the flatin Verwood but your dog is not allowed to make the move with you then you will be faced hard decision. Are any of leasehold owners in arrears of their service charge payments? Generally speaking the cost for major works tend not to be included within service charges, although a few managing agents in Verwood require leaseholders to pay into a reserve fund created for the specific intention of establishing a fund for major works.

    Other Topics

    Lease Extensions in Verwood