Common questions relating to Cookham leasehold conveyancing
Looking forward to complete next month on a basement flat in Cookham. Conveyancing solicitors have said that they are sending me a report tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Cookham should include some of the following:
- The length of the lease term You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark
I am tempted by the attractive purchase price for a couple of maisonettes in Cookham which have approximately 50 years left on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Cookham is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the property. For most buyers and mortgage companies, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Cookham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Do you have any top tips for leasehold conveyancing in Cookham from the point of view of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Cookham can be bypassed if you instruct lawyers as soon as you market your property and ask them to collate the leasehold documentation needed by the buyers solicitors.
- Many landlords or managing agents in Cookham levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Cookham.
If all goes to plan we aim to complete our sale of a £350000 maisonette in Cookham in just under a week. The freeholder has quoted £300 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Cookham?
Cookham conveyancing on leasehold flats often necessitates the purchaser’s lawyer submitting questions for the landlord to address. Although the landlord is not legally bound to answer such questions the majority will be content to do so. They may charge a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some transactions it is above £800. The management information fee levied by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration charges, without which the charge is not strictly payable. In reality you have no option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
In relation to leasehold conveyancing in Cookham what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Cookham. All leases are unique and drafting errors can result in certain provisions are wrong. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the premises
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Bank of Scotland, 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 is defective they may refuse to grant the mortgage, forcing the buyer to pull out.
Cookham Conveyancing for Leasehold Flats - A selection of Questions you should ask before Purchasing
Most Cookham leasehold properties will incur a service bill for the upkeep of the block levied on behalf of the management company. If you buy the apartment you will have to pay this charge, normally in instalments throughout the year. This can vary from two or three hundred pounds to thousands of pounds for large purpose-built buildings. In all probability there will be a rentcharge for you to pay annual, this is usually not a large amount, say approximately £50-£100 but you should to enquire as sometimes it can be surprisingly expensive.
It is important to be aware if fixing the lift or some other significant cost is due shortly to be shared amongst the leaseholders and will materially impact the level of the maintenance charges or require a specific payment.
Make sure you find out if the the lease contains any unreasonable restrictions in the lease. For example some leases prohibit pets being permitted in certain buildings in Cookham. If you like the apartmentin Cookham yet your dog is not allowed to make the move with you then you have a very difficult choice.