Recently asked questions relating to Baguley leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Baguley. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
If the lease is registered - and most are in Baguley - then the leasehold title will always include the short particulars 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.
I am employed by a busy estate agent office in Baguley where we have experienced a few flat sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local Baguley conveyancing firms. Please can you confirm whether the vendor of a flat can initiate the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 buyer.
Can you provide any top tips for leasehold conveyancing in Baguley from the point of view of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Baguley can be avoided if you instruct lawyers the minute your agents start advertising the property and request that they start to put together the leasehold information needed by the purchasers’ representatives.
- In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Baguley leases often stipulate that internal structural alterations or laying down wooden flooring calls for a licence issued by the Landlord approving such works. If you fail to have the approvals in place do not communicate with the landlord without contacting your solicitor before hand.
We expect to complete the disposal of our £350000 garden flat in Baguley next Friday . The freeholder has quoted £408 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Baguley?
For most leasehold sales in Baguley 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 pre-exchange questions
- Where consent is required before sale in Baguley
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What are the common defects that you come across in leases for Baguley properties?
Leasehold conveyancing in Baguley is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the property
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Coventry Building Society, and Platform Home Loans Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the purchaser to withdraw.
Leasehold Conveyancing in Baguley - Examples of Queries before Purchasing
How much is the ground rent and service charge?
What is the name of the managing agents?
You should want to find out as much as possible concerning the company managing the block as they will affect 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 daily issues such as the upkeep of the communal areas. Ask other tenants if they are happy with them. On a final note, find out the dates that the maintenance charges are due to the appropriate party and specifically what it includes.