Cleator leasehold conveyancing Example Support Desk Enquiries
I have just started marketing my ground floor flat in Cleator.Conveyancing is yet to be initiated but I have just had a half-yearly service charge demand – should I leave it to the buyer to sort out?
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 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've found a house that seems to tick a lot of boxes, at a great price which is making it more attractive. I have subsequently been informed that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Cleator. Conveyancing advisers have not yet been appointed. Will they explain the issues?
Most houses in Cleator are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Cleator in which case you should be shopping around for a Cleator conveyancing solicitor and be sure that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer will advise you fully on all the issues.
I am attracted to a couple of apartments in Cleator both have approximately forty five years left on the leases. should I be concerned?
A lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the saleability of the lease deteriorate and results in it becoming more expensive to extend the lease. This is why it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this area
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £125000 maisonette in Cleator in seven days. The management company has quoted £420 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Cleator?
Cleator conveyancing on leasehold flats usually necessitates administration charges levied by landlords agents :
- Completing conveyancing due diligence enquiries
- Where consent is required before sale in Cleator
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What are the common deficiencies that you encounter in leases for Cleator properties?
There is nothing unique about leasehold conveyancing in Cleator. All leases is drafted differently and drafting errors can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the premises
- Insurance obligations
- 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. Lloyds TSB Bank, Virgin Money, and Platform Home Loans Ltd 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 is problematic they may refuse to provide security, forcing the purchaser to withdraw.
Leasehold Conveyancing in Cleator - Sample of Questions you should consider Prior to buying
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Many Cleator leasehold flats will incur a service bill for maintenance of the building set on behalf of the freeholder. If you buy the flat you will have to pay this contribution, normally quarterly accross the year. This can differ from a couple of hundred pounds to thousands of pounds for large purpose-built buildings. There will also be a ground rent to be met annual, normally this is not a large amount, say around £25-£75 but you need to enquire as occasionally it can be surprisingly expensive.
It would be prudent to discover as much as you can about the company managing the building as they will either make life much easier or uncomfortable. As the proprietor of a leasehold property you will be in the clutches of the managing agents from a financial perspective and when it comes to every day issues like the tidiness of the communal areas. You should not be shy to ask prospective neighbours if they are happy with their management. On a final note, be sure you know the dates that the service charges are due to the managing agents and specifically what it includes.
Are any of leasehold owners in arrears of their service charge liability?
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