Top Five Questions relating to Whitchurch leasehold conveyancing
I am on look out for some leasehold conveyancing in Whitchurch. Before I set the wheels in motion I require certainty as to the remaining lease term.
If the lease is registered - and most are in Whitchurch - then the leasehold title will always include the basic details 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 today plan to offer on a house that seems to meet my requirements, at a great price which is making it all the more appealing. I have just been informed that it's a leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in Whitchurch. Conveyancing lawyers have not yet been instructed. Will they explain the issues?
Most houses in Whitchurch are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Whitchurch in which case you should be looking for a Whitchurch conveyancing practitioner and check that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’sconsent to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your solicitor will advise you fully on all the issues.
I am attracted to a couple of flats in Whitchurch which have approximately fifty years unexpired on the lease term. Will this present a problem?
A lease is a right to use the premises for a period of time. As the lease gets shorter the saleability of the lease deteriorate and it becomes more costly to acquire a lease extension. This is why it is often a good idea to extend the lease term. It is often difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this field
What advice can you give us when it comes to finding a Whitchurch conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a Whitchurch conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Whitchurch conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:
- If they are not ALEP accredited then what is the reason?
Do you have any advice for leasehold conveyancing in Whitchurch from the point of view of expediting the sale process?
- Much of the delay in leasehold conveyancing in Whitchurch can be bypassed if you appoint lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold information needed by the buyers representatives.
- Many landlords or managing agents in Whitchurch levy fees for providing management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Whitchurch.
Leasehold Conveyancing in Whitchurch - Sample of Questions you should consider before Purchasing
How many of the leaseholders are in arrears for their maintenance charge payments?
On the whole the outlay for major works tend not to be included within service charges, albeit that a few managing agents in Whitchurch require leasehold owners to contribute towards a sinking fund created for the specific intention of building a fund for major works.
Plenty Whitchurch leasehold properties will incur a service charge for maintenance of the building levied by the management company. Where you buy the flat you will have to meet this liability, normally periodically accross the year. This could vary from several hundred pounds to thousands of pounds for large purpose-built buildings. In all likelihood there will be a ground rent to be met yearly, normally this is not a significant amount, say around £25-£75 but you need to check as occasionally it could be surprisingly expensive.