Frequently asked questions relating to Wargrave leasehold conveyancing
I've found a house that appears to meet my requirements, at a great figure which is making it more attractive. I have since discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Wargrave. Conveyancing advisers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Wargrave ?
Most houses in Wargrave are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Wargrave so you should seriously consider looking for a Wargrave conveyancing solicitor and check that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’spermission to carry out alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your conveyancer will advise you fully on all the issues.
I've recently bought a leasehold flat in Wargrave. Do I have any liability for service charges relating to a period prior to my ownership?
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. 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).
I am employed by a long established estate agent office in Wargrave where we have experienced a number of flat sales jeopardised as a result of short leases. I have been given conflicting advice from local Wargrave conveyancing solicitors. Can you confirm whether the owner of a flat can instigate the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. 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 disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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 buyer.
Completion in due on the sale of our £450000 garden flat in Wargrave next week. The landlords agents has quoted £420 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Wargrave?
Wargrave conveyancing on leasehold maisonettes typically results in fees being raised by management companies :
- Answering conveyancing due diligence enquiries
- Where consent is required before sale in Wargrave
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What makes a Wargrave lease problematic?
There is nothing unique about leasehold conveyancing in Wargrave. Most leases are individual and drafting errors can result in certain sections are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the premises
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You may have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Virgin Money, and Britannia 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.
Wargrave Leasehold Conveyancing - Examples of Questions you should consider Prior to buying
Best to be warned whether changing the roof or some other significant cost is anticipated that will be shared amongst the tenants and will dramatically impact the level of the maintenance costs or result in a specific invoice.
Who takes responsibility for maintaining and repairing the block?
The prefered form of lease structure is where the freehold title is owned by the leaseholders. In this arrangement the leaseholders benefit from being in charge if their destiny and although a managing agent is often employed where the building is larger than a house conversion, the managing agent acts for the leaseholders themselves.