Sample questions relating to Ebbw Vale leasehold conveyancing
I have recently realised that I have 72 years left on my flat in Ebbw Vale. I am keen to extend my lease but my freeholder is absent. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. You will be obliged to demonstrate that you have done all that could be expected to track down the freeholder. For most situations an enquiry agent would be helpful to carry out a search and prepare a report to be accepted by the court as proof that the landlord is indeed missing. It is advisable to get professional help from a solicitor both on devolving into the landlord’s disappearance and the application to the County Court covering Ebbw Vale.
Looking forward to exchange soon on a basement flat in Ebbw Vale. Conveyancing lawyers assured me that they will have a report out to me on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Ebbw Vale should include some of the following:
- You need to be told what constitutes a Nuisance in the lease
I work for a long established estate agent office in Ebbw Vale where we see a number of flat sales derailed due to leases having less than 80 years remaining. I have received inconsistent advice from local Ebbw Vale conveyancing solicitors. Could you clarify whether the vendor of a flat can commence the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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.
All being well we will complete our sale of a £300000 flat in Ebbw Vale in nine days. The freeholder has quoted £336 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Ebbw Vale?
Ebbw Vale conveyancing on leasehold maisonettes normally requires the buyer’s lawyer submitting questions for the landlord to address. Although the landlord is under no legal obligation to answer such questions most will be willing to do so. They may charge a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some transactions it is in excess of £800. The administration charge invoiced by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration charges, otherwise the invoice is not strictly payable. Reality however dictates that you have no choice but to pay whatever is requested of you if you want to sell the property.
What makes a Ebbw Vale lease unmortgageable?
Leasehold conveyancing in Ebbw Vale is not unique. All leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the property
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Bank of Scotland, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to withdraw.
Ebbw Vale Leasehold Conveyancing - Examples of Queries Prior to buying
On the whole the outlay for major works are not included within service charges, although a few managing agents in Ebbw Vale require leasehold owners to contribute towards a sinking fund created for the specific purpose of establishing a fund for larger works.
It would be wise to discover as much as possible concerning the company managing the building as they will impact your use and enjoyment of the property. As the proprietor of a leasehold property you will be at the mercy of the managing agents both financially and when it comes to daily issues like the tidiness of the common parts. Don't be shy to ask prospective neighbours whether they are happy with their management. Finally, investigate as to the dates that you are obliged pay the maintenance charge to the managing agents and specifically how they are spending the funds.
Best to be warned if fixing the lift or some other significant cost is due shortly to be shared amongst the leaseholders and may well dramatically impact the level of the service fees or result in a specific invoice.