Questions and Answers: Chesham Bois leasehold conveyancing
I have just appointed agents to market my 2 bed flat in Chesham Bois.Conveyancing is yet to be initiated but I have just received a yearly maintenance charge invoice – what should I do?
It best that you 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 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. Having a clear account will assist your cause and will leave you no worse off financially.
I've found a house that seems to meet my requirements, at a great price which is making it all the more appealing. I have just been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Chesham Bois. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?
Most houses in Chesham Bois are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Chesham Bois in which case you should be looking for a Chesham Bois conveyancing practitioner and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’sconsent to conduct alterations. It may be necessary to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your solicitor should appraise you on the various issues.
Can you offer any advice when it comes to appointing a Chesham Bois conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Chesham Bois conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Chesham Bois conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:
- Can they put you in touch with client in Chesham Bois who can give a testimonial?
Do you have any advice for leasehold conveyancing in Chesham Bois with the aim of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Chesham Bois can be reduced where you appoint lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information needed by the buyers solicitors.
- The majority freeholders or Management Companies in Chesham Bois charge for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Chesham Bois.
When it comes to leasehold conveyancing in Chesham Bois what are the most frequent lease problems?
Leasehold conveyancing in Chesham Bois is not unique. Most leases are individual and drafting errors can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the building
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Skipton Building Society, and Aldermore 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 does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.
Chesham Bois Conveyancing for Leasehold Flats - Examples of Questions you should consider Prior to Purchasing
What is the annual service fee and ground rent?
The answer will be helpful as a) areas may cause problems in the building as the communal areas may begin to deteriorate where maintenance are not paid for b) if the leaseholders have an issue with the managing agents you will want to know about it
It would be prudent to investigate if there is anything that is prohibited in the lease. For example it is reasonably common in Chesham Bois leases that pets are not allowed in certain buildings in Chesham Bois. If you love the propertyin Chesham Bois however your dog can’t make the move with you then you will be faced difficult determination.