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Chesham Bois leasehold conveyancing: Q and A’s

Having had my offer accepted I require leasehold conveyancing in Chesham Bois. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.

If the lease is registered - and 99.9% are in Chesham Bois - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I today plan to offer on a house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have just been informed that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Chesham Bois. Conveyancing advisers have not yet been appointed. Will they explain the issues?

Most houses in Chesham Bois are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are buying in Chesham Bois so you should seriously consider shopping around for a Chesham Bois conveyancing solicitor and be sure that they have experience in advising 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 at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’sconsent to carry out alterations. 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 conveyancer should appraise you on the various issues.

I've recently bought a leasehold property in Chesham Bois. 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. 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).

I work for a reputable estate agency in Chesham Bois where we see a few flat sales jeopardised as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Chesham Bois conveyancing solicitors. Please can you confirm whether the vendor of a flat can commence the lease extension formalities for the buyer?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as 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 buyer.

Do you have any advice for leasehold conveyancing in Chesham Bois from the point of view of expediting the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Chesham Bois can be bypassed if 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 purchasers’ solicitors.
  • Some Chesham Bois leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (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 service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If there is a history of conflict with your freeholder or managing agents it is very important that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to reveal the dispute as historic as opposed to unresolved.
  • If you hold a share in a the Management Company, you should ensure that you hold the original share document. Organising a new share certificate is often a time consuming formality and frustrates many a Chesham Bois home move. Where a new share certificate is required, you should approach the company officers or managing agents (where relevant) for this as soon as possible.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this via your solicitors. A buyer’s lawyer will not be happy to advise their client to where the remaining number of years is below 75 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • Chesham Bois Leasehold Conveyancing - Sample of Queries Prior to Purchasing

      You should be aware if it is fewer than 80 years it will impact the marketability of the property. It is worth checking with your lender that they are happy with the length of the lease. A short lease means that you will most likely require a lease extension at some point and you need to have some idea of what this will be. For most Chesham Boislease extensions you would be be obliged to have been the owner of the residence for 24 months before you are legally able to carry out a lease extension. Generally speaking the cost for major works tend not to be included within maintenance charges, although there some managing agents in Chesham Bois obliged leasehold owners to contribute towards a sinking fund created for the specific purpose of building a fund for larger works. The best form of lease structure is a share of the freehold. In this situation the tenants benefit from being in charge if their destiny and notwithstanding that a managing agent is frequently retained where it is larger than a house conversion, the managing agent acts for the leaseholders themselves.

    Other Topics

    Lease Extensions in Chesham Bois