Bletchley leasehold conveyancing Example Support Desk Enquiries
Expecting to sign contracts shortly on a studio apartment in Bletchley. Conveyancing lawyers inform me that they report fully on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Bletchley should include some of the following:
- Does the lease prohibit wood flooring?
I have just appointed agents to market my basement apartment in Bletchley.Conveyancing has not commenced but I have just had a quarterly maintenance charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should 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. This will smooth the conveyancing process.
I am tempted by the attractive purchase price for a two flats in Bletchley both have about forty five years unexpired on the leases. Will this present a problem?
A lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the marketability of the lease decreases and it becomes more expensive to extend the lease. For this reason it is advisable to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this field
I've recently bought a leasehold flat in Bletchley. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation 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. Strange as it may seem, 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).
Do you have any top tips for leasehold conveyancing in Bletchley with the intention of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Bletchley can be bypassed if you appoint lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information needed by the buyers lawyers.
- The majority freeholders or Management Companies in Bletchley charge for supplying management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management pack sought as soon as you have 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 Bletchley.
Bletchley Leasehold Conveyancing - Sample of Questions you should consider before buying
What is the length of the lease?
Its a good idea to discover as much as you can regarding the company managing the block as they will impact 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 matters such as the cleanliness of the common parts. Don't be afraid to ask other people what they think of them. In conclusion, find out the dates that you are obliged pay the service charge to the appropriate party and specifically how they are spending that money.
How much is the annual service fee and ground rent?