Top Five Questions relating to Blackwood leasehold conveyancing
I am on look out for some leasehold conveyancing in Blackwood. Before I set the wheels in motion I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and most are in Blackwood - 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 have just appointed agents to market my 2 bed apartment in Blackwood.Conveyancing has not commenced but I have just received a quarterly maintenance charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should pay 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 a negotiator for a busy estate agency in Blackwood where we have witnessed a few flat sales derailed due to short leases. I have been given conflicting advice from local Blackwood conveyancing solicitors. Can you confirm whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner 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. The benefit of this is that the proposed purchaser can avoid having to wait 2 years to extend their lease. 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 agree the lease extension with the freeholder 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.
Completion in due on the disposal of our £475000 flat in Blackwood next Thursday . The freeholder has quoted £348 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Blackwood?
Blackwood conveyancing on leasehold flats usually 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 willing to assist. They may charge a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some situations it is in excess of £800. The management information fee levied by the landlord must be sent together with a synopsis of rights and obligations in respect of administration fees, otherwise the charge is technically not due. In reality one has little choice but to pay whatever is requested of you if you want to exchange contracts with the buyer.
What makes a Blackwood lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Blackwood. All leases is drafted differently and drafting errors can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the building
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You will have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Bank of Scotland, and TSB 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 grant the mortgage, obliging the buyer to withdraw.
Leasehold Conveyancing in Blackwood - Sample of Queries before buying
You should want to find out as much as you can about the managing agents as they will affect your use and enjoyment of the property. Being a leasehold owner you will be in the clutches of the managing agents both financially and when it comes to every day issues like the cleanliness of the communal areas. Ask other people whether they are happy with their management. In conclusion, investigate as to the dates that you are obliged pay the service charge to the appropriate party and specifically how they are spending the funds.
Make sure you investigate if there is anything that is prohibited in the lease. For example it is fairly common in Blackwood leases that pets are not allowed in in a block in Blackwood. If you like the apartmentin Blackwood but your cat is not allowed to make the move with you then you will be presented with a difficult decision.
How many years remain on the lease?