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Top Five Questions relating to Bletchley leasehold conveyancing

I have just started marketing my 2 bed flat in Bletchley.Conveyancing has not commenced but I have just received a yearly maintenance charge invoice – what should I do?

The sensible thing to do is clear the service charge 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 managing agents will not acknowledge the buyer until 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 attracted to a two apartments in Bletchley which have about fifty years unexpired on the lease term. Will this present a problem?

There are plenty of short leases in Bletchley. The lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the saleability 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 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 enfranchisement can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this field

I've recently bought a leasehold house in Bletchley. Am I liable to pay service charges for periods before completion of my purchase?

In a situation where the service charge has already been demanded from the previous owner 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. It is an essential part of leasehold conveyancing for your conveyancer to be sure 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).

Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £475000 garden flat in Bletchley next Monday . The landlords agents has quoted £420 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Bletchley?

Bletchley conveyancing on leasehold maisonettes usually requires the buyer’s solicitor sending questions for the landlord to address. Although the landlord is not legally bound to address these enquiries most will be willing to do so. They are entitled levy a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some transactions 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 relation to administration charges, otherwise the charge is technically not due. In reality one has no choice but to pay whatever is requested of you if you want to sell the property.

Are there common defects that you see in leases for Bletchley properties?

There is nothing unique about leasehold conveyancing in Bletchley. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:

  • A provision to repair to or maintain parts of the property
  • A duty to insure the building
  • 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 issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Chelsea 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, forcing the purchaser to withdraw.

Leasehold Conveyancing in Bletchley - A selection of Queries Prior to Purchasing

    In the main the cost for major works are not included within maintenance charges, albeit that some managing agents in Bletchley obliged leasehold owners to pay into a sinking fund created for the specific purpose of establishing a fund for larger works. What prohibitions are there in the Bletchley Lease? How much is the ground rent and service charge?

Other Topics

Lease Extensions in Bletchley