Top Five Questions relating to City Of London leasehold conveyancing
Due to sign contracts shortly on a studio apartment in City Of London. Conveyancing solicitors inform me that they are sending me a report next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in City Of London should include some of the following:
- Are you allowed to have a pet in the flat?
I’m about to sell my 2 bed flat in City Of London.Conveyancing has not commenced but I have just had a quarterly service charge invoice – should I leave it to the buyer to sort out?
It best that you discharge 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 today plan to offer on a house that seems to meet my requirements, at a great price which is making it all the more appealing. I have just discovered that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in City Of London. Conveyancing advisers have not yet been appointed. Will they explain the issues?
The majority of houses in City Of London are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are buying in City Of London so you should seriously consider shopping around for a City Of London conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’spermission to carry out alterations. You may also be required to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your lawyer should advise you fully on all the issues.
Do you have any top tips for leasehold conveyancing in City Of London from the point of view of saving time on the sale process?
- Much of the delay in leasehold conveyancing in City Of London can be avoided if you instruct lawyers the minute your agents start marketing the property and ask them to collate the leasehold information needed by the buyers conveyancers.
- If you have carried out any alterations to the property would they have required Landlord’s approval? Have you, for example installed wooden flooring? Most leases in City Of London state that internal structural alterations or addition of wooden flooring calls for a licence from the Landlord consenting to such changes. Should you fail to have the approvals in place you should not communicate with the landlord without contacting your conveyancer in the first instance.
Completion in due on our sale of a £500000 flat in City Of London in nine days. The management company has quoted £324 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in City Of London?
City Of London conveyancing on leasehold apartments nine out of ten times necessitates administration charges levied by management companies :
- Answering pre-exchange questions
- Where consent is required before sale in City Of London
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
City Of London Conveyancing for Leasehold Flats - Sample of Queries Prior to buying
For many City Of London leaseholds the cost for major works tend not to be included within service charges, albeit that there some managing agents in City Of London require leasehold owners to contribute towards a reserve fund created for the specific intention of establishing a fund for major works.
Please tell me if there are any major works in the near future that could add a premium to the service costs?
Who are the managing agents?