Datchet leasehold conveyancing Example Support Desk Enquiries
Expecting to sign contracts shortly on a basement flat in Datchet. Conveyancing lawyers assured me that they are sending me a report tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Datchet should include some of the following:
- The physical extent of the premises. This will be the property itself but may incorporate a roof space or basement if appropriate.
I have just appointed agents to market my 2 bed apartment in Datchet.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly maintenance charge demand – 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. This will smooth the conveyancing process.
Last month I purchased a leasehold flat in Datchet. Do I have any liability for service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am a negotiator for a reputable estate agent office in Datchet where we see a few flat sales jeopardised due to short leases. I have received conflicting advice from local Datchet conveyancing solicitors. Could you clarify whether the seller of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, 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 purchaser.
Do you have any top tips for leasehold conveyancing in Datchet from the perspective of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Datchet can be avoided if you get in touch lawyers the minute you market your property and request that they start to collate the leasehold information which will be required by the purchasers’ solicitors.
- In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Most leases in Datchet state that internal structural alterations or laying down wooden flooring calls for a licence issued by the Landlord consenting to such alterations. Where you fail to have the paperwork to hand you should not contact the landlord without checking with your solicitor in advance.
Leasehold Conveyancing in Datchet - A selection of Questions you should ask Prior to buying
You should be aware if it is no more than eighty years it will impact the marketability of the flat. It is worth checking with your lender that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will probably have to extend the lease at some point and it is worth discovering what this would cost. For most Datchetlease extensions you will need to own the residence for a couple of years before you are entitled to extend the lease.
It would be prudent to discover if there is anything that is prohibited in the lease. For example some leases prohibit pets being allowed in certain buildings in Datchet. If you love the apartmentin Datchet but your cat can’t live with you then you will be faced hard choice.
Its a good idea to find out as much as possible regarding 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 practical matters like the upkeep of the common parts. Don't be shy to ask other people what they think of them. On a final note, be sure you discover the dates that you are obliged pay the service charge to the appropriate party and precisely what it includes.