Experts for Leasehold Conveyancing in Yate

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Top Five Questions relating to Yate leasehold conveyancing

I’m about to sell my ground floor apartment in Yate.Conveyancing is yet to be initiated but I have just received a yearly service charge demand – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should discharge the invoice 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 managing agents will not acknowledge the buyer until 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. Having a clear account will assist your cause and will leave you no worse off financially.

I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have since been informed that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Yate. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Yate ?

The majority of houses in Yate are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Yate so you should seriously consider looking for a Yate conveyancing practitioner and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’spermission to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your solicitor will report to you on the legal implications.

Back In 2000, I bought a leasehold flat in Yate. Conveyancing and The Mortgage Works mortgage are in place. I have received a letter from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Yate who previously acted has now retired.Do I pay?

First make enquiries of HMLR to make sure that this person is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Yate conveyancing practitioner to do this as you can do this on the Land Registry website for a few pound. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am attracted to a two flats in Yate which have in the region of 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?

A lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease gets shorter the marketability of the lease decreases and results in it becoming more costly to extend the lease. For this reason it is generally wise to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this area

Do you have any top tips for leasehold conveyancing in Yate from the perspective of speeding up the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Yate can be bypassed where you instruct lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation needed by the buyers lawyers.
  • Many freeholders or managing agents in Yate levy fees for providing management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Yate.
  • A minority of Yate leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should 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 able to meet 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • If you have had conflict with your landlord or managing agents it is essential that these are resolved before the property is put on the market. The purchasers and their solicitors will be nervous about purchasing a property where a dispute is ongoing. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic rather than ongoing.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable verify this via your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to where the lease term is less than 80 years. It is therefore important at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • Yate Conveyancing for Leasehold Flats - Examples of Questions you should ask Prior to buying

      Best to be warned if changing the roof or some other significant cost is anticipated to be shared by the leaseholders and will materially impact the level of the maintenance fees or require a one off invoice. Can you tell me if there are any major works anticipated that could increase the maintenance costs? How many of the leaseholders are in arrears for their service charge payments?

    Other Topics

    Lease Extensions in Yate