Recently asked questions relating to Avonmouth leasehold conveyancing
I have just appointed agents to market my basement flat in Avonmouth.Conveyancing has not commenced but I have just received a quarterly maintenance charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should 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 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. Having a clear account will assist your cause and will leave you no worse off financially.
I've recently bought a leasehold property in Avonmouth. Do I have any liability for service charges relating to a period prior to completion of my purchase?
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. It is an essential part 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 work for a busy estate agent office in Avonmouth where we have experienced a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have received inconsistent advice from local Avonmouth conveyancing firms. Please can you clarify whether the vendor of a flat can initiate the lease extension process 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 start 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 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 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 purchaser.
Can you offer any advice when it comes to finding a Avonmouth conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for lease extension works (regardless if they are a Avonmouth conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Avonmouth conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:
- Can they put you in touch with client in Avonmouth who can give a testimonial?
All being well we will complete our sale of a £400000 flat in Avonmouth next Monday . The management company has quoted £336 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Avonmouth?
Avonmouth conveyancing on leasehold apartments more often than not requires the purchaser’s conveyancer sending questions for the landlord to answer. Although the landlord is not legally bound to answer these enquiries most will be willing 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 over three hundred pounds, in some situations it exceeds £800. The management information fee levied by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration charges, without which the charge is technically not due. Reality however dictates that you have little option but to pay whatever is requested of you should you wish to complete the sale of your home.
Avonmouth Leasehold Conveyancing - A selection of Queries Prior to buying
Make sure you enquire if the the lease includes any adverse restrictions in the lease. For instance plenty of leases prohibit pets being permitted in in a block in Avonmouth. If you love the propertyin Avonmouth but your dog is not allowed to make the move with you then you will be faced hard compromise.
You will want to discover as much as you can regarding the company managing the block as they will impact your use and enjoyment of the property. Being a leasehold owner you are frequently at the mercy of the managing agents from a financial perspective and when it comes to day to day issues like the upkeep of the common parts. Enquire of other tenants if they are happy with their service. Finally, be sure you understand the dates that the maintenance fees are due to the appropriate party and precisely what it includes.
If a Avonmouth lease has less than 80 years it will impact the marketability of the property. Check with your mortgage company that they are willing to lend given the lease term. A short lease means that you will most likely have to extend the lease at some point and it is worth finding out what this will be. Remember, in most cases you will need to own the property for a couple of years before you are entitled to extend the lease.