Sample questions relating to Barrow In Furness leasehold conveyancing
Expecting to complete next month on a garden flat in Barrow In Furness. Conveyancing solicitors have said that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Barrow In Furness should include some of the following:
- You should receive a copy of the lease
I am attracted to a couple of flats in Barrow In Furness both have approximately 50 years remaining on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Barrow In Furness. The lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the marketability of the lease reduces and results in it becoming more costly to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this area
I've recently bought a leasehold property in Barrow In Furness. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure 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).
What advice can you give us when it comes to finding a Barrow In Furness conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for lease extension works (regardless if they are a Barrow In Furness conveyancing firm) it is imperative 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 Barrow In Furness conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:
- How many lease extensions have they carried out in Barrow In Furness in the last year?
We expect to complete the sale of our £250000 maisonette in Barrow In Furness next Friday . The landlords agents has quoted £324 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Barrow In Furness?
Barrow In Furness conveyancing on leasehold flats more often than not requires the buyer’s lawyer sending questions for the landlord to answer. Although the landlord is under no legal obligation to respond to these enquiries most will be content to do so. They are entitled invoice a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The management information fee required by the landlord must be accompanied by a summary of rights and obligations in respect of administration charges, without which the invoice is not strictly payable. Reality however dictates that you have no choice but to pay whatever is requested of you if you want to exchange contracts with the buyer.
Leasehold Conveyancing in Barrow In Furness - Sample of Queries before Purchasing
Who are the managing agents?
If a Barrow In Furness lease has less than 80 years it will have adverse implications on the value of the flat. Check with your bank that they are willing to lend given the lease term. Leases with fewer than 80 years remaining means that you will probably have to extend the lease sooner rather than later and you need to have some idea of how much this would cost. For most Barrow In Furnesslease extensions you will be required to have been the owner of the property for two years before you are legally able to extend the lease.
What is the maintenance charge and ground rent on the property?