Sample questions relating to Acocks Green leasehold conveyancing
Planning to sign contracts shortly on a ground floor flat in Acocks Green. Conveyancing lawyers assured me that they report fully tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Acocks Green should include some of the following:
- How long the lease is You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark
I own a leasehold house in Acocks Green. Conveyancing and Coventry Building Society mortgage are in place. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1993. The conveyancing solicitor in Acocks Green who acted for me is not around.Any advice?
The first thing you should do is make enquiries of HMLR to make sure that this person is in fact the registered owner of the freehold reversion. You do not need to instruct a Acocks Green conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am a negotiator for a reputable estate agent office in Acocks Green where we see a few flat sales derailed due to short leases. I have received conflicting advice from local Acocks Green conveyancing firms. Can you clarify whether the seller of a flat can initiate 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have 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 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 buyer.
Can you provide any top tips for leasehold conveyancing in Acocks Green with the aim of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Acocks Green can be bypassed where you instruct lawyers as soon as you market your property and ask them to put together the leasehold information needed by the buyers lawyers.
- A minority of Acocks Green leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly 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 solicitors.
All being well we will complete our sale of a £375000 garden flat in Acocks Green in seven days. The landlords agents has quoted £420 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Acocks Green?
Acocks Green conveyancing on leasehold apartments usually requires the buyer’s conveyancer sending questions for the landlord to address. Although the landlord is under no legal obligation to answer such questions most will be content to do so. They are at liberty levy a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some transactions it exceeds £800. The management information fee demanded by the landlord must be sent together with a summary of entitlements and obligations in respect of administration fees, otherwise the invoice is not strictly payable. In reality you have little choice but to pay whatever is requested of you if you want to sell the property.
Acocks Green Conveyancing for Leasehold Flats - Sample of Queries before Purchasing
How is the lease structured?
Please note that where the lease has no more than 80 years it will impact the salability of the property. Check with your lender that they are willing to go ahead with the loan given the lease term. A short lease means that you will almost definitely require a lease extension sooner rather than later and it is worth discovering what this would cost. For most Acocks Greenlease extensions you will be required to have owned the premises for 24 months in order to be eligible to exercise a lease extension.
Who are the managing agents?