Fixed-fee leasehold conveyancing in Yarm:

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Frequently asked questions relating to Yarm leasehold conveyancing

I have just started marketing my ground floor apartment in Yarm.Conveyancing solicitors are to be appointed soon but I have just had a quarterly service charge demand – should I leave it to the buyer to sort out?

Your conveyancing lawyer is likely to suggest that you should clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

I today plan to offer on a house that seems to be perfect, at a great figure which is making it all the more appealing. I have since found out that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Yarm. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Yarm ?

Most houses in Yarm are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Yarm so you should seriously consider shopping around for a Yarm conveyancing practitioner and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’sconsent to carry out alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your solicitor should appraise you on the various issues.

I work for a long established estate agency in Yarm where we have experienced a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have received contradictory information from local Yarm conveyancing solicitors. Could you confirm whether the seller of a flat can commence 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer 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 before, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible 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.

Can you provide any top tips for leasehold conveyancing in Yarm from the point of view of saving time on the sale process?

  • Much of the frustration in leasehold conveyancing in Yarm can be bypassed where you instruct lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the buyers solicitors.
  • If you have carried out any alterations to the premises would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Yarm state that internal structural alterations or laying down wooden flooring calls for a licence from the Landlord approving such alterations. If you fail to have the paperwork in place you should not contact the landlord without checking with your solicitor before hand.
  • If you have had conflict with your landlord or managing agents it is very important that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be concerned about purchasing a flat where there is a current dispute. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to present the dispute as over rather than ongoing.
  • If you are supposed to have a share in the Management Company, you should make sure that you hold the original share document. Arranging a duplicate share certificate is often a time consuming process and frustrates many a Yarm home move. If a duplicate share certificate is needed, you should approach the company director and secretary or managing agents (where relevant) for this as soon as possible.
  • You may think that you are aware of the number of years left on your lease but you should verify this via your lawyers. A purchaser's conveyancer will not be happy to advise their client to where the remaining number of years is under 80 years. It is therefore important at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • In relation to leasehold conveyancing in Yarm what are the most common lease problems?

    There is nothing unique about leasehold conveyancing in Yarm. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the property
    • 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 encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Coventry Building Society, and Aldermore all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to pull out.

    Yarm Conveyancing for Leasehold Flats - Examples of Questions you should consider before buying

      Its a good idea to discover as much as possible about the company managing the block as they will impact your use and enjoyment of the property. Being a leasehold owner you are frequently in the clutches of the managing agents both financially and when it comes to every day matters like the tidiness of the common parts. Ask prospective neighbours what they think of their management. On a final note, find out the dates that the maintenance charges are due to the appropriate party and precisely what you get for your money. Who is in charge of the block? It is important to be aware if redecorating or some other significant cost is due in the near future that will be shared by the leaseholders and may well materially impact the level of the service charges or necessitate a one off payment.

    Other Topics

    Lease Extensions in Yarm