Common questions relating to Appleton leasehold conveyancing
I’m about to sell my garden flat in Appleton.Conveyancing is yet to be initiated but I have just had a yearly maintenance charge demand – Do I pay up?
The sensible thing to do is clear the service charge 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 until 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 am looking at a two maisonettes in Appleton which have about forty five years unexpired on the lease term. Do I need to be concerned?
A lease is a right to use the property for a prescribed time frame. As the lease gets shorter the value of the lease deteriorate and results in it becoming more costly to acquire a lease extension. This is why it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this field
Can you offer any advice when it comes to choosing a Appleton conveyancing firm to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Appleton conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Appleton conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- What volume of lease extensions have they conducted in Appleton in the last twenty four months?
Do you have any advice for leasehold conveyancing in Appleton with the purpose of expediting the sale process?
- Much of the delay in leasehold conveyancing in Appleton can be reduced if you instruct lawyers the minute you market your property and ask them to put together the leasehold documentation needed by the buyers solicitors.
- The majority landlords or managing agents in Appleton levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Appleton.
In relation to leasehold conveyancing in Appleton what are the most frequent lease defects?
Leasehold conveyancing in Appleton is not unique. All leases is drafted differently and legal mistakes in the legal wording can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the premises
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- 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 primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Chelsea Building Society, and Godiva Mortgages Ltd all have very detailed conveyancing instructions 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 grant the mortgage, forcing the buyer to withdraw.
Appleton Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to Purchasing
What is the yearly service fee and ground rent?
Who are the managing agents?
Are any of leasehold owners in arrears of their service charge payments?