Common questions relating to Bovey Tracey leasehold conveyancing
I am hoping to sign contracts shortly on a garden flat in Bovey Tracey. Conveyancing lawyers assured me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Bovey Tracey should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
I've recently bought a leasehold flat in Bovey Tracey. 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 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. It is an essential part 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).
Can you provide any advice for leasehold conveyancing in Bovey Tracey with the purpose of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Bovey Tracey can be avoided where you instruct lawyers as soon as your agents start advertising the property and ask them to put together the leasehold information which will be required by the buyers solicitors.
- In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Bovey Tracey state that internal structural changes or laying down wooden flooring require a licence issued by the Landlord acquiescing to such works. Where you fail to have the consents in place do not communicate with the landlord without contacting your conveyancer before hand.
Completion in due on the sale of our £250000 garden flat in Bovey Tracey on Tuesday in a week. The managing agents has quoted £348 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Bovey Tracey?
Bovey Tracey conveyancing on leasehold apartments more often than not requires the purchaser’s solicitor submitting enquiries for the landlord to answer. Although the landlord is not legally bound to address such questions the majority will be willing to assist. They are at liberty charge a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some cases it is above £800. The administration charge invoiced by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration charges, without which the charge is not strictly payable. In reality one has no option but to pay whatever is demanded if you want to sell the property.
What makes a Bovey Tracey lease problematic?
Leasehold conveyancing in Bovey Tracey is not unique. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are not included. 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 building
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You could have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Skipton Building Society, and Nottingham Building Society all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to withdraw.
Bovey Tracey Leasehold Conveyancing - A selection of Questions you should consider Prior to Purchasing
Most Bovey Tracey leasehold apartments will be liable to pay a service charge for the upkeep of the building invoiced by the freeholder. If you purchase the property you will have to meet this charge, normally periodically throughout the year. This can be anything from two or three hundred pounds to thousands of pounds for buildings with lifts and large communal areas. In all likelihood there will be a ground rent for you to pay annual, this is usually not a exorbitant figure, say approximately £50-£100 but you should to enquire as sometimes it could be prohibitively expensive.
Is the freehold owned collectively by the tenants?
Are any of leasehold owners in dispute over their service charge liability?