Frequently asked questions relating to Topsham leasehold conveyancing
I am in need of some leasehold conveyancing in Topsham. Before I set the wheels in motion I want to be sure as to the remaining lease term.
Assuming the lease is recorded at the land registry - and 99.9% are in Topsham - then the leasehold title will always include the basic details 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 only have 68 years remaining on my lease in Topsham. I need to get lease extension but my landlord is missing. What are my options?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. However, you will be required to prove that you or your lawyers have made all reasonable attempts to locate the landlord. For most situations a specialist would be helpful to conduct investigations and prepare a report which can be used as proof that the freeholder can not be located. It is wise to seek advice from a property lawyer in relation to proving the landlord’s disappearance and the application to the County Court covering Topsham.
I have just appointed agents to market my basement apartment in Topsham.Conveyancing is yet to be initiated but I have just had a half-yearly maintenance charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should 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 management companies 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. This will smooth the conveyancing process.
Last month I purchased a leasehold house in Topsham. Do I have any liability for service charges for periods before completion of my purchase?
In a situation 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 am employed by a reputable estate agency in Topsham where we have experienced a number of leasehold sales derailed as a result of short leases. I have received contradictory information from local Topsham conveyancing solicitors. Please can you confirm whether the seller of a flat can start 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. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. 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 sale.
An alternative approach is 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.
Topsham Conveyancing for Leasehold Flats - Examples of Questions you should ask before buying
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Who is in charge of the building?
Does this lease have in excess of 80 years remaining?
Its a good idea to find out as much as possible concerning the managing agents as they will either make living at the property much simpler or problematic. Being a leasehold owner you will be at the mercy of the managing agents both financially and when it comes to every day matters like the cleanliness of the communal areas. You should not be afraid to ask other tenants what they think of their management. Finally, investigate as to the dates that the service fees are due to the managing agents and specifically what it includes.
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