Recently asked questions relating to Fenstanton leasehold conveyancing
I am on look out for some leasehold conveyancing in Fenstanton. Before diving in I want to be sure as to the unexpired term of the lease.
Assuming the lease is registered - and almost all are in Fenstanton - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Due to complete next month on a studio apartment in Fenstanton. Conveyancing lawyers inform me that they are sending me a report next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Fenstanton should include some of the following:
- You should receive a copy of the lease
I have just started marketing my basement flat in Fenstanton.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly service charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge 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 management companies will not acknowledge the buyer unless 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.
I am a negotiator for a reputable estate agent office in Fenstanton where we have experienced a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have received conflicting advice from local Fenstanton conveyancing firms. Can you confirm whether the vendor of a flat can initiate the lease extension process for the buyer?
Provided that 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. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
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.
What makes a Fenstanton lease defective?
Leasehold conveyancing in Fenstanton is not unique. Most leases is drafted differently and drafting errors can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the building
- 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. Barclays , Coventry Building Society, and Nottingham Building Society all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.
Fenstanton Leasehold Conveyancing - Sample of Questions you should consider before buying
Be sure to find out if there are any onerous restrictions in the lease. For example plenty of leases prohibit pets being allowed in certain buildings in Fenstanton. If you love the flatin Fenstanton but your dog can’t move with you then you have a very difficult decision.
Who is in charge of the building?
In the main the outlay for major works are not included within maintenance charges, albeit that a few managing agents in Fenstanton obliged leaseholders to contribute towards a reserve fund and this is used to offset against major repairs or maintenance.