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Caddington leasehold conveyancing: Q and A’s

I am hoping to sign contracts shortly on a leasehold property in Caddington. Conveyancing solicitors assured me that they will have a report out to me tomorrow. What should I be looking out for?

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

  • The length of the lease term You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Are pets allowed in the flat?
  • Does the lease prevent you from letting out the flat, or having a home office for business
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • Whether your lease has a provision for a reserve fund?
  • You should have a good understanding of the insurance provisions For a comprehensive list of information to be contained in your report on your leasehold property in Caddington please enquire of your lawyer in advance of your conveyancing in Caddington

    • I have just started marketing my basement flat in Caddington.Conveyancing is yet to be initiated but I have just received a yearly service charge invoice – should I leave it to the buyer to sort out?

    The sensible thing to do is 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 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. 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 meet my requirements, at a great price which is making it more attractive. I have since been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Caddington. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Caddington ?

    Most houses in Caddington are freehold rather than 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 buying in Caddington so you should seriously consider looking for a Caddington conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’spermission to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your lawyer should advise you fully on all the issues.

    I've recently bought a leasehold flat in Caddington. Do I have any liability for 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. A critical element 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).

    Can you offer any advice when it comes to appointing a Caddington conveyancing practice to deal with our lease extension?

    If you are instructing a solicitor for lease extension works (regardless if they are a Caddington conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Caddington conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

    • If they are not ALEP accredited then what is the reason?
  • How many lease extensions have they conducted in Caddington in the last twenty four months?

    • Caddington Leasehold Conveyancing - A selection of Questions you should ask before Purchasing

      It is important to be aware if a new roof is being installed or some other significant cost is pending that will be shared by the leaseholders and may well materially increase the the maintenance fees or require a one off payment. How is the lease structured? In the main the outlay for major works are not built into the service charges, although there some managing agents in Caddington ask tenants to contribute towards a sinking fund created for the specific purpose of building a fund for major works.

    Other Topics

    Lease Extensions in Caddington