Questions and Answers: Fairwater leasehold conveyancing
Estate agents have just been given the go-ahead to market my basement apartment in Fairwater.Conveyancing solicitors are to be appointed soon but I have just received a quarterly maintenance charge invoice – what should I do?
The sensible thing to do is pay 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.
My wife and I purchased a leasehold house in Fairwater. Conveyancing and Coventry Building Society mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1994. The conveyancing practitioner in Fairwater who acted for me is not around.Any advice?
First make enquiries of the Land Registry to be sure that this person is in fact the new freeholder. There is no need to instruct a Fairwater conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. 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 looking at a couple of apartments in Fairwater which have approximately forty five years unexpired on the lease term. should I be concerned?
There are plenty of short leases in Fairwater. The lease is a right to use the property for a prescribed time frame. As a lease gets shorter the saleability of the lease decreases and it becomes more costly to extend the lease. For this reason it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease extension can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this arena
I am a negotiator for a long established estate agency in Fairwater where we see a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Fairwater conveyancing solicitors. Could you confirm whether the seller of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that 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. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
An alternative approach is 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.
Do you have any advice for leasehold conveyancing in Fairwater from the perspective of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Fairwater can be avoided where you appoint lawyers the minute your agents start advertising the property and request that they start to collate the leasehold documentation needed by the purchasers’ representatives.
- The majority freeholders or managing agents in Fairwater levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management information sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Fairwater.
Fairwater Conveyancing for Leasehold Flats - Examples of Queries before buying
The answer will be important as a) areas may cause problems for the building as the common areas may start to deteriorate if maintenance are not paid for b) if the leaseholders have an issue with the managing agents you will want to have complete disclosure
If a Fairwater lease has no more than 80 years it will affect the marketability of the property. It is worth checking with your lender that they are willing to lend given the lease term. Leases with fewer than 80 years remaining means that you will almost definitely need a lease extension sooner rather than later and it is worth finding out how much this would cost. For most Fairwaterlease extensions you will be be obliged to have owned the residence for 24 months in order to be eligible to carry out a lease extension.
Does the lease include onerous restrictions?