Warfield leasehold conveyancing: Q and A’s
I've found a house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have just found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Warfield. Conveyancing advisers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Warfield ?
Most houses in Warfield are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Warfield in which case you should be shopping around for a Warfield conveyancing solicitor and be sure that they have experience in transacting on 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 to the property. The lease comes with conditions such as requiring the landlord’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the property is located on an estate. Your conveyancer will report to you on the legal implications.
I am tempted by the attractive purchase price for a two apartments in Warfield which have in the region of forty five years left on the lease term. Do I need to be concerned?
There are plenty of short leases in Warfield. The lease is a right to use the premises for a period of time. As the lease gets shorter the saleability of the lease decreases and it becomes more costly to acquire a lease extension. For this reason it is advisable to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this area
Last month I purchased a leasehold house in Warfield. Am I liable to pay 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. 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).
What are your top tips when it comes to choosing a Warfield conveyancing practice to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a Warfield conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Warfield conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- How familiar is the firm with lease extension legislation?
Can you provide any top tips for leasehold conveyancing in Warfield from the point of view of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Warfield can be reduced where you get in touch lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold documentation which will be required by the buyers conveyancers.
- In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Most leases in Warfield state that internal structural alterations or addition of wooden flooring calls for a licence from the Landlord approving such alterations. Where you dont have the consents to hand you should not contact the landlord without checking with your conveyancer in the first instance.
Leasehold Conveyancing in Warfield - A selection of Questions you should consider before Purchasing
Most Warfield leasehold apartments will be liable to pay a service bill for the upkeep of the building set by the freeholder. Should you acquire the property you will have to pay this liability, usually periodically during the year. This can vary from a few hundred pounds to thousands of pounds for large purpose-built buildings. In all probability there will be a ground rent to be met yearly, ordinarily this is not a significant figure, say around £25-£75 but you need to enquire as occasionally it can be prohibitively expensive.
On the whole the cost for major works tend not to be incorporated into the maintenance charges, although there some managing agents in Warfield obliged leasehold owners to pay into a reserve fund created for the specific purpose of building a fund for major repairs or maintenance.
You will want to find out as much as possible about the managing agents as they can either make life much easier or problematic. Being a leasehold owner you are often at the mercy of the managing agents both financially and when it comes to every day issues like the cleanliness of the common parts. Enquire of other tenants if they are happy with their management. In conclusion, be sure you understand the dates that the maintenance fees are due to the relevant party and specifically what it includes.