Fixed-fee leasehold conveyancing in Ripley:

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Leasehold conveyancing in Ripley is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Ripley and next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Ripley leasehold conveyancing: Q and A’s

Last month I purchased a leasehold property in Ripley. Do I have any liability for service charges for periods before 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. 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).

I am employed by a long established estate agency in Ripley where we have experienced a number of flat sales jeopardised as a result of short leases. I have been given contradictory information from local Ripley conveyancing solicitors. Could you confirm whether the seller of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is 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 has to be done before, 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 purchaser.

What are your top tips when it comes to finding a Ripley conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a property lawyer for your lease extension (regardless if they are a Ripley conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with two or three firms including non Ripley conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:

  • How many lease extensions has the firm carried out in Ripley in the last year?
  • Can they put you in touch with client in Ripley who can give a testimonial?

    • Can you provide any advice for leasehold conveyancing in Ripley from the perspective of saving time on the sale process?

    • Much of the delay in leasehold conveyancing in Ripley can be avoided where you get in touch lawyers as soon as you market your property and ask them to collate the leasehold information needed by the purchasers’ representatives.
    • Many landlords or managing agents in Ripley levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Ripley.
  • In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Ripley leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence from the Landlord acquiescing to such alterations. If you fail to have the approvals in place do not contact the landlord without contacting your lawyer first.
  • Some Ripley 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 obtain bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying 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 buyers or their solicitors.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you have the original share document. Obtaining a new share certificate is often a lengthy process and slows down many a Ripley conveyancing transaction. If a new share is required, you should approach the company director and secretary or managing agents (where relevant) for this as soon as possible.

    • What are the common problems that you witness in leases for Ripley properties?

    Leasehold conveyancing in Ripley is not unique. Most leases is drafted differently and drafting errors can result in certain provisions are erroneous. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the building
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Barnsley Building Society, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the buyer to pull out.

    Ripley Leasehold Conveyancing - A selection of Questions you should consider before buying

      Plenty Ripley leasehold properties will incur a service charge for the upkeep of the block levied by the freeholder. Should you buy the flat you will have to meet this contribution, normally in instalments accross the year. This may be anything from a couple of hundred pounds to thousands of pounds for bigger purpose-built blocks. There will also be a ground rent for you to pay annual, normally this is not a exorbitant amount, say around £25-£75 but you should to check as occasionally it could be surprisingly expensive. Does the lease have more than 90 years left? Who are the managing agents?

    Other Topics

    Lease Extensions in Ripley