Examples of recent questions relating to leasehold conveyancing in Yaxley
I today plan to offer on a house that appears to meet my requirements, at a great price which is making it more attractive. I have just discovered that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Yaxley. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Yaxley ?
The majority of houses in Yaxley are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Yaxley in which case you should be looking for a Yaxley conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First 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 comes with conditions for example obtaining the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the property is located on an estate. Your conveyancer should advise you fully on all the issues.
I am a negotiator for a long established estate agency in Yaxley where we have witnessed a number of flat sales derailed as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Yaxley conveyancing firms. Please can you clarify whether the seller of a flat can initiate the lease extension formalities for the buyer?
Provided that the seller has been the owner 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. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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.
What advice can you give us when it comes to appointing a Yaxley conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Yaxley conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Yaxley conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:
- How familiar is the firm with lease extension legislation?
Do you have any top tips for leasehold conveyancing in Yaxley from the perspective of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Yaxley can be avoided where you instruct lawyers the minute you market your property and request that they start to put together the leasehold documentation which will be required by the purchasers’ solicitors.
- Many landlords or Management Companies in Yaxley charge 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 information sought on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Yaxley.
Are there frequently found deficiencies that you see in leases for Yaxley properties?
There is nothing unique about leasehold conveyancing in Yaxley. All leases is drafted differently and drafting errors can sometimes mean that certain sections are missing. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the premises
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Skipton Building Society, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the purchaser to withdraw.
Leasehold Conveyancing in Yaxley - Sample of Queries Prior to buying
-
Most Yaxley leasehold apartments will incur a service charge for the upkeep of the block set on behalf of the landlord. Should you acquire the property you will have to meet this charge, normally quarterly accross the year. This could vary from two or three hundred pounds to thousands of pounds for blocks with lifts and large communal grounds. In all probability there will be a rentcharge for you to pay annual, ordinarily this is not a large sum, say around £25-£75 but you should to check as occasionally it can be prohibitively expensive.
Make sure you investigate if there is anything that is prohibited in the lease. For example plenty of leases prohibit pets being allowed in certain buildings in Yaxley. If you love the propertyin Yaxley yet your cat is not allowed to move with you then you have a very hard decision.
This question is helpful as a) areas can result in problems for the building as the communal areas may begin to deteriorate where repairs are not paid for b) if the tenants have an issue with the managing agents you will need to have complete disclosure
Other Topics