Questions and Answers: Axminster leasehold conveyancing
I am in need of some leasehold conveyancing in Axminster. Before I get started I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and most are in Axminster - 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.
Estate agents have just been given the go-ahead to market my 2 bed flat in Axminster.Conveyancing solicitors are to be appointed soon but I have just received a half-yearly maintenance charge demand – Do I pay up?
It best that you 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.
What advice can you give us when it comes to choosing a Axminster conveyancing practice to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a Axminster conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Axminster conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:
- How familiar is the firm with lease extension legislation?
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £400000 maisonette in Axminster in 5 days. The managing agents has quoted £348 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Axminster?
For most leasehold sales in Axminster conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing conveyancing due diligence enquiries
- Where consent is required before sale in Axminster
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What makes a Axminster lease problematic?
There is nothing unique about leasehold conveyancing in Axminster. All leases are unique and drafting errors can sometimes mean that certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the building
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You could have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, The Mortgage Works, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to pull out.
Leasehold Conveyancing in Axminster - Sample of Queries Prior to Purchasing
How long is the Lease?
Who is in charge of the block?
Be sure to enquire if there is anything that is prohibited in the lease. By way of example some leases prohibit pets being allowed in certain buildings in Axminster. If you love the propertyin Axminster but your dog is not allowed to move with you then you will be presented with a hard decision.