Sample questions relating to Crediton leasehold conveyancing
I have just started marketing my 2 bed flat in Crediton.Conveyancing is yet to be initiated but I have just received a half-yearly service charge invoice – Do I pay up?
It best that you discharge 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 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.
My wife and I purchased a leasehold flat in Crediton. Conveyancing and Clydesdale mortgage organised. I have received a letter from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1996. The conveyancing solicitor in Crediton who previously acted has now retired.What should I do?
The first thing you should do is make enquiries of the Land Registry to be sure that the individual claiming to own the freehold is in fact the new freeholder. It is not necessary to instruct a Crediton conveyancing firm to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am tempted by the attractive purchase price for a two apartments in Crediton which have in the region of forty five years unexpired on the leases. should I be concerned?
A lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the saleability of the lease decreases and it becomes more costly to acquire a lease extension. For this reason it is often a good idea to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this field
I am a negotiator for a long established estate agent office in Crediton where we have witnessed a few flat sales jeopardised due to leases having less than 80 years remaining. I have been given contradictory information from local Crediton conveyancing solicitors. Please can you confirm whether the vendor of a flat can instigate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
We expect to complete the sale of our £250000 apartment in Crediton next week. The managing agents has quoted £336 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Crediton?
Crediton conveyancing on leasehold flats more often than not necessitates the buyer’s conveyancer sending questions for the landlord to address. Although the landlord is not legally bound to answer such questions the majority will be willing to do so. They may charge a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some situations it exceeds £800. The management information fee invoiced by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration charges, without which the charge is technically not due. In reality you have little option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
Crediton Conveyancing for Leasehold Flats - Examples of Queries Prior to buying
Generally speaking the outlay for major works tend not to be incorporated into the service charges, albeit that some managing agents in Crediton ask tenants to contribute towards a sinking fund and this is used to offset against major repairs or maintenance.
Does the lease have more than 85 years left?
Please note that where the lease has fewer than eighty years it will affect the salability of the property. Check with your lender that they are willing to go ahead with the loan given the lease term. Leases with less than 80 years remaining means that you will probably have to extend the lease sooner rather than later and it is worth finding out what this will be. Remember, in most cases you would be required to have been the owner of the property for a couple of years before you are legally able to extend the lease.