Common questions relating to Widnes leasehold conveyancing
I am tempted by the attractive purchase price for a two maisonettes in Widnes which have approximately 50 years unexpired on the leases. Will this present a problem?
There are plenty of short leases in Widnes. The lease is a right to use the property for a prescribed time frame. As a lease gets shorter the saleability of the lease decreases and it becomes more expensive to extend the lease. For this reason it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this area
Last month I purchased a leasehold flat in Widnes. Do I have any liability for service charges relating to a period prior to completion of my purchase?
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. However, 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 finding a Widnes conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Widnes conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Widnes 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:
- If they are not ALEP accredited then what is the reason?
Do you have any top tips for leasehold conveyancing in Widnes with the purpose of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Widnes can be reduced if you appoint lawyers the minute your agents start advertising the property and ask them to collate the leasehold information which will be required by the purchasers’ representatives.
- A minority of Widnes leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the annual 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 service charge figures so that they can pass this information on to the buyers or their solicitors.
Completion in due on the disposal of our £475000 flat in Widnes in 10 days. The landlords agents has quoted £360 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Widnes?
Widnes conveyancing on leasehold maisonettes usually results in fees being levied by freeholders :
- Addressing pre-exchange enquiries
- Where consent is required before sale in Widnes
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Widnes Conveyancing for Leasehold Flats - A selection of Queries Prior to buying
Is anyone aware of any major works anticipated that will add a premium to the service fees?
It would be wise to find out as much as possible regarding the managing agents as they will either make life much simpler or uncomfortable. As the proprietor of a leasehold property you are frequently at the mercy of the managing agents both financially and when it comes to practical matters like the cleanliness of the common parts. Enquire of other people whether they are happy with their service. Finally, find out the dates that the maintenance fees are due to the appropriate party and specifically how they are spending the funds.
For most Widnes leaseholds the cost for major works tend not to be included within service charges, although a few managing agents in Widnes require leaseholders to pay into a reserve fund and this is used to offset against major works.