Crabtree leasehold conveyancing Example Support Desk Enquiries
I have just started marketing my garden flat in Crabtree.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly service charge demand – should I leave it to the buyer to sort out?
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 managing agents 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 am attracted to a two maisonettes in Crabtree which have in the region of forty five years unexpired on the leases. Will this present a problem?
There are plenty of short leases in Crabtree. The lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the value of the lease reduces and it becomes more expensive to extend the lease. This is why it is advisable to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this field
Can you provide any top tips for leasehold conveyancing in Crabtree from the perspective of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Crabtree can be avoided where you instruct lawyers the minute you market your property and ask them to collate the leasehold documentation which will be required by the purchasers’ lawyers.
- The majority landlords or Management Companies in Crabtree charge for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Crabtree.
Completion in due on the disposal of our £150000 apartment in Crabtree on Monday in a week. The managing agents has quoted £300 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Crabtree?
Crabtree conveyancing on leasehold apartments usually necessitates the purchaser’s solicitor submitting questions for the landlord to answer. Although the landlord is not legally bound to address these enquiries the majority will be content to assist. They may levy a reasonable administration fee for answering enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some transactions it is above £800. The management information fee demanded by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration charges, otherwise the charge is not strictly payable. Reality however dictates that you have no option but to pay whatever is demanded if you want to complete the sale of your home.
In relation to leasehold conveyancing in Crabtree what are the most common lease defects?
Leasehold conveyancing in Crabtree is not unique. All leases are individual and drafting errors can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the building
- 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 will 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. Santander, The Royal Bank of Scotland, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to pull out.
Leasehold Conveyancing in Crabtree - A selection of Questions you should consider before Purchasing
Be sure to enquire if there are any onerous restrictions in the lease. For example some leases prohibit pets being permitted in in a block in Crabtree. If you love the apartmentin Crabtree yet your dog is not allowed to live with you then you have a very hard choice.
Is anyone aware of any major works in the near future that could increase the maintenance fees?
Its a good idea to discover as much as possible concerning the managing agents as they will affect your use and enjoyment of the property. As the owner of a leasehold property you are often at the mercy of the managing agents from a financial perspective and when it comes to every day matters such as the upkeep of the common parts. You should not be afraid to ask other people what they think of their service. Finally, be sure you understand the dates that you are obliged pay the service charge to the appropriate party and specifically how they are spending the funds.