Badminton leasehold conveyancing: Q and A’s
I have just started marketing my ground floor apartment in Badminton.Conveyancing is yet to be initiated but I have just had a yearly service charge invoice – Do I pay up?
The sensible thing to do is clear the invoice 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 am attracted to a couple of apartments in Badminton both have about forty five years left on the leases. Will this present a problem?
There are plenty of short leases in Badminton. The lease is a right to use the property for a prescribed time frame. As a lease shortens the saleability of the lease decreases and it becomes more costly to acquire a lease extension. For this reason it is generally wise to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this arena
What are your top tips when it comes to appointing a Badminton conveyancing practice to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Badminton conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Badminton conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- What volume of lease extensions have they completed in Badminton in the last twenty four months?
We expect to complete our sale of a £375000 garden flat in Badminton in just under a week. The landlords agents has quoted £396 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Badminton?
For most leasehold sales in Badminton conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing conveyancing due diligence questions
- Where consent is required before sale in Badminton
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
In relation to leasehold conveyancing in Badminton what are the most frequent lease defects?
Leasehold conveyancing in Badminton is not unique. All leases are unique and drafting errors can sometimes mean that certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair 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
You may encounter 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. Yorkshire Building Society, Skipton Building Society, and Aldermore all have very detailed 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 provide security, obliging the buyer to pull out.
Badminton Conveyancing for Leasehold Flats - A selection of Questions you should consider before Purchasing
The answer will be important as a) areas can result in problems in the building as the communal areas may start to deteriorate where repairs remain unpaid b) if the leaseholders have a dispute with the running of the building you will need to have complete disclosure
How long is the Lease?
How is the lease structured?