I have just started marketing my 2 bed apartment in Aylesbury.Conveyancing solicitors are to be appointed soon but I have just received a quarterly maintenance charge demand – what should I do?

It best that you pay 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. This will smooth the conveyancing process.

Last month I purchased a leasehold property in Aylesbury. Am I liable to pay service charges relating to a period prior to completion of my purchase?

In a situation 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).

Can you offer any advice when it comes to choosing a Aylesbury conveyancing firm to carry out our lease extension conveyancing?

When appointing a conveyancer for lease extension works (regardless if they are a Aylesbury conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with two or three firms including non Aylesbury conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:

• If they are not ALEP accredited then what is the reason?

Can they put you in touch with client in Aylesbury who can give a testimonial?

Do you have any top tips for leasehold conveyancing in Aylesbury with the intention of expediting the sale process?

• Much of the delay in leasehold conveyancing in Aylesbury can be bypassed where you appoint lawyers the minute you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ lawyers.
• Many freeholders or Management Companies in Aylesbury charge for providing management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management information sought 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 common reason for frustration in leasehold conveyancing in Aylesbury.

A minority of Aylesbury leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain financial (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 lawyers.

If there is a history of any disputes with your freeholder or managing agents it is very important that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be concerned about purchasing a flat where there is a current dispute. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is better to present the dispute as over as opposed to unresolved.

If you have the benefit of shareholding in the Management Company, you should make sure that you hold the original share document. Obtaining a re-issued share certificate is often a time consuming process and delays many a Aylesbury conveyancing transaction. Where a new share certificate is required, you should approach the company officers or managing agents (if applicable) for this at the earliest opportunity.

All being well we will complete the disposal of our £200000 maisonette in Aylesbury on Thursday in a week. The managing agents has quoted £384 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Aylesbury?

Aylesbury conveyancing on leasehold apartments normally involves administration charges invoiced by management companies :

• Addressing pre-exchange questions
• Where consent is required before sale in Aylesbury
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your solicitor will have no control over the level of the charges for this information but the average costs for the information for Aylesbury leasehold property is £350. For Aylesbury conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to supply the information.

Leasehold Conveyancing in Aylesbury - Examples of Questions you should ask before Purchasing

What restrictions are contained in the Aylesbury Lease? It would be a good idea to find out if the the lease includes any unreasonable restrictions in the lease. For instance plenty of leases prohibit pets being permitted in certain buildings in Aylesbury. If you like the propertyin Aylesbury yet your cat is not allowed to move with you then you have a very difficult compromise. The prefered form of lease arrangement is where the freehold interest is in the ownership of the leaseholders. In this scenario the tenants have control and although a managing agent is usually retained where the building is larger than a house conversion, the managing agent employed by the leaseholders.

Other Topics

Lease Extensions in Aylesbury