Recently asked questions relating to Audlem leasehold conveyancing
Expecting to sign contracts shortly on a basement flat in Audlem. Conveyancing lawyers inform me that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Audlem should include some of the following:
- You should be sent a copy of the lease
What are your top tips when it comes to appointing a Audlem conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for your lease extension (regardless if they are a Audlem conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with two or three firms including non Audlem 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:
- How familiar is the practice with lease extension legislation?
Do you have any top tips for leasehold conveyancing in Audlem from the perspective of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Audlem can be bypassed if you appoint lawyers as soon as your agents start advertising the property and ask them to put together the leasehold information needed by the purchasers’ lawyers.
- Many landlords or managing agents in Audlem charge for providing management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Audlem.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £125000 maisonette in Audlem on Friday in a week. The landlords agents has quoted £420 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Audlem?
Audlem conveyancing on leasehold flats normally necessitates administration charges raised by management companies :
- Answering pre-exchange enquiries
- Where consent is required before sale in Audlem
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Are there frequently found deficiencies that you see in leases for Audlem properties?
There is nothing unique about leasehold conveyancing in Audlem. All leases are individual and drafting errors can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the property
- 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 issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, The Royal Bank of Scotland, and Platform Home Loans Ltd all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to withdraw.
Leasehold Conveyancing in Audlem - Examples of Queries Prior to buying
Please tell me if there are any major works anticipated that will likely add a premium to the maintenance fees?
It is important to be aware if window replacement or some other significant cost is due in the near future to be shared by the tenants and will materially increase the the maintenance costs or require a one off invoice.
If a Audlem lease has fewer than 80 years it will have adverse implications on the value of the flat. It is worth checking with your bank that they are happy with the length of the lease. Leases with fewer than 80 years remaining means that you will probably have to extend the lease sooner rather than later and you need to have some idea of how much this would cost. For most Audlemlease extensions you will need to own the residence for two years before you are legally able to extend the lease.