Recently asked questions relating to Winsford leasehold conveyancing
Planning to sign contracts shortly on a studio apartment in Winsford. Conveyancing lawyers assured me that they will have a report out to me next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Winsford should include some of the following:
- You should receive a copy of the lease
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a great price which is making it more attractive. I have since found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Winsford. Conveyancing solicitors have are about to be appointed. Will they explain the issues?
Most houses in Winsford are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are buying in Winsford in which case you should be looking for a Winsford conveyancing solicitor and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant 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 conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the estate where the property is part of an estate. Your lawyer should report to you on the legal implications.
My wife and I purchased a leasehold flat in Winsford. Conveyancing and Santander mortgage organised. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Winsford who previously acted has now retired.Do I pay?
First contact HMLR to be sure that the individual claiming to own the freehold is indeed the new freeholder. It is not necessary to incur the fees of a Winsford conveyancing practitioner to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Last month I purchased a leasehold flat in Winsford. Am I liable to pay 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. It is an essential part 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 work for a reputable estate agent office in Winsford where we see a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Winsford conveyancing firms. Please can you clarify whether the seller of a flat can instigate the lease extension formalities for the buyer?
Provided that the seller has owned the lease 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. This means 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.
Winsford Leasehold Conveyancing - Sample of Questions you should consider before buying
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Are there any major works on the horizon that will add a premium to the maintenance costs?
If a Winsford lease has fewer than eighty years it will affect the marketability of the apartment. It is worth checking with your lender that they are willing to to proceed given the lease term. A short lease means that you will probably have to extend the lease at some point and it is worth finding out how much this would cost. Remember, in most cases you would be required to have owned the premises for two years before you are entitled to carry out a lease extension.
The best form of lease arrangement is a share of the freehold. In this scenario the tenants benefit from being in charge if their destiny and although a managing agent is frequently retained where the building is larger than a house conversion, the managing agent acts for the leaseholders themselves.
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