Common questions relating to Ferndown leasehold conveyancing
I wish to let out my leasehold apartment in Ferndown. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
A small minority of properties in Ferndown do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I am tempted by the attractive purchase price for a couple of flats in Ferndown both have in the region of 50 years left on the leases. Do I need to be concerned?
There are plenty of short leases in Ferndown. The lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the saleability of the lease decreases and results in it becoming more costly to acquire a lease extension. For this reason it is often a good idea to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this area
What advice can you give us when it comes to appointing a Ferndown conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Ferndown conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with two or three firms including non Ferndown conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- If the firm is not ALEP accredited then what is the reason?
If all goes to plan we aim to complete the sale of our £325000 apartment in Ferndown in just under a week. The landlords agents has quoted £420 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Ferndown?
Ferndown conveyancing on leasehold maisonettes usually requires the purchaser’s solicitor submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to such questions most will be content to assist. They are entitled charge a reasonable charge for responding to 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 summary of entitlements and obligations in relation to administration charges, without which the charge is not strictly payable. Reality however dictates that one has little choice but to pay whatever is requested of you if you want to exchange contracts with the buyer.
When it comes to leasehold conveyancing in Ferndown what are the most common lease problems?
There is nothing unique about leasehold conveyancing in Ferndown. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the property
- Insurance obligations
- 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 can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Norwich and Peterborough Building Society, and Aldermore all have express conveyancing instructions 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 grant the mortgage, forcing the buyer to pull out.
Ferndown Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing
Make sure you find out if there is anything that is prohibited in the lease. For example plenty of leases prohibit pets being allowed in in a block in Ferndown. If you love the propertyin Ferndown however your dog can’t live with you then you will be faced difficult compromise.
This question is useful as a) areas can cause problems in the block as the common areas may start to deteriorate where repairs remain unpaid b) if the leasehold owners have a dispute with the running of the building you will wish to have full disclosure
Please tell me if there are any major works anticipated that will increase the service charges?