Recently asked questions relating to Ely leasehold conveyancing
I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have just discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Ely. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Ely ?
Most houses in Ely are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Ely in which case you should be looking for a Ely conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’sconsent to carry out alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your conveyancer will appraise you on the various issues.
Can you offer any advice when it comes to finding a Ely conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Ely conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Ely conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:
- How experienced is the firm with lease extension legislation?
Do you have any top tips for leasehold conveyancing in Ely from the perspective of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Ely can be avoided where you get in touch lawyers the minute your agents start marketing the property and request that they start to collate the leasehold information needed by the purchasers’ lawyers.
- Many freeholders or Management Companies in Ely levy fees for supplying management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management pack sought on or before finding 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 delay in leasehold conveyancing in Ely.
We expect to complete the disposal of our £300000 maisonette in Ely in 8 days. The managing agents has quoted £408 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Ely?
Ely conveyancing on leasehold apartments usually involves administration charges levied by freeholders :
- Addressing conveyancing due diligence questions
- Where consent is required before sale in Ely
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What makes a Ely lease unmortgageable?
There is nothing unique about leasehold conveyancing in Ely. All leases are individual and drafting errors can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the building
- A duty to insure the building
- 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 may 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. Lloyds TSB Bank, The Royal Bank of Scotland, and Godiva Mortgages Ltd all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the buyer to withdraw.
Leasehold Conveyancing in Ely - Sample of Queries before Purchasing
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What restrictions are contained in the Ely Lease?
This question is important as a) areas may cause problems in the building as the common areas may begin to deteriorate if maintenance are not paid for b) if the leaseholders have a dispute with the managing agents you will wish to have complete disclosure
It would be sensible to discover as much as possible concerning the company managing the building as they will either make your life much easier or uncomfortable. Being a leasehold owner you will be in the clutches of the managing agents both financially and when it comes to day to day issues such as the cleanliness of the communal areas. Don't be shy to ask other people what they think of their management. In conclusion, find out the dates that you are obliged pay the maintenance charge to the managing agents and specifically what you get for your money.
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