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Askam In Furness leasehold conveyancing: Q and A’s

Due to exchange soon on a leasehold property in Askam In Furness. Conveyancing lawyers assured me that they will have a report out to me on Monday. What should I be looking out for?

Your report on title for your leasehold conveyancing in Askam In Furness should include some of the following:

  • The total extent of the property. This will be the apartment itself but may incorporate a roof space or basement if appropriate.
  • You must be told what constitutes a Nuisance in the lease
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • What the implications are if you breach a clause of your lease? For details of the information to be contained in your report on your leasehold property in Askam In Furness please enquire of your lawyer in advance of your conveyancing in Askam In Furness

    • I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have just been informed that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Askam In Furness. Conveyancing lawyers have are about to be appointed. Will they explain the issues?

    The majority of houses in Askam In Furness are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Askam In Furness so you should seriously consider looking for a Askam In Furness conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’spermission to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is located on an estate. Your lawyer will report to you on the legal implications.

    I am looking at a two apartments in Askam In Furness both have approximately forty five years left on the lease term. should I be concerned?

    There is no doubt about it. A leasehold flat in Askam In Furness is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the property. For most purchasers and mortgage companies, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Askam In Furness conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

    I've recently bought a leasehold flat in Askam In Furness. Am I liable to pay service charges relating to a period prior to my ownership?

    Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, 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 ensure 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).

    Do you have any advice for leasehold conveyancing in Askam In Furness with the aim of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Askam In Furness can be reduced where you appoint lawyers the minute your agents start marketing the property and ask them to collate the leasehold documentation needed by the purchasers’ conveyancers.
    • If you have carried out any alterations to the property would they have required Landlord’s permission? In particular have you installed wooden flooring? Askam In Furness leases often stipulate that internal structural changes or installing wooden flooring require a licence issued by the Landlord acquiescing to such changes. Where you fail to have the paperwork in place you should not contact the landlord without contacting your conveyancer first.
  • If you have had any disputes with your landlord or managing agents it is essential that these are resolved before the property is marketed. The purchasers and their solicitors will be concerned about purchasing a property where there is an ongoing dispute. You may have to bite the bullet and pay 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 prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to reveal the dispute as historic rather than ongoing.
  • If you are supposed to have a share in the freehold, you should ensure that you hold the original share document. Organising a duplicate share certificate can be a lengthy process and frustrates many a Askam In Furness home move. If a new share is necessary, you should approach the company officers or managing agents (where relevant) for this sooner rather than later.
  • You believe that you know the number of years left on your lease but it would be advisable verify this via your lawyers. A purchaser's conveyancer will be unlikely to recommend their client to where the lease term is under 75 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • Askam In Furness Leasehold Conveyancing - Sample of Queries before Purchasing

      The best form of lease arrangement is a share of the freehold. In this scenario the leaseholders enjoy control and notwithstanding that a managing agent is frequently employed where it is larger than a house conversion, the managing agent is directed by the tenants. How many of the leaseholders are in arrears for their maintenance charge payments? What is the name of the managing agents?

    Other Topics

    Lease Extensions in Askam In Furness