Ferryhill leasehold conveyancing: Q and A’s
I have just started marketing my basement flat in Ferryhill.Conveyancing is yet to be initiated but I have just had a yearly service charge invoice – what should I do?
It best that you 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 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. This will smooth the conveyancing process.
Back In 2001, I bought a leasehold flat in Ferryhill. Conveyancing and Barclays mortgage organised. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1995. The conveyancing practitioner in Ferryhill who acted for me is not around.What should I do?
First contact the Land Registry to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. There is no need to instruct a Ferryhill conveyancing firm to do this as you can do this on the Land Registry website for £3. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a two flats in Ferryhill both have in the region of 50 years left on the lease term. should I be concerned?
There are plenty of short leases in Ferryhill. The lease is a right to use the property for a prescribed time frame. As a lease shortens the marketability of the lease decreases and it becomes more expensive to acquire a lease extension. For this reason it is often a good idea to extend the lease term. It is often difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this field
I am a negotiator for a long established estate agent office in Ferryhill where we have witnessed a few leasehold sales put at risk as a result of short leases. I have received inconsistent advice from local Ferryhill conveyancing solicitors. Can you clarify whether the seller of a flat can commence the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is 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 needs to be completed 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.
Completion in due on our sale of a £400000 flat in Ferryhill in six days. The managing agents has quoted £324 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Ferryhill?
Ferryhill conveyancing on leasehold maisonettes normally necessitates the buyer’s solicitor submitting questions for the landlord to answer. Although the landlord is under no legal obligation to address these enquiries most will be willing to assist. They may levy a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The administration charge invoiced by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration fees, otherwise the invoice is not strictly payable. In reality one has little option but to pay whatever is requested of you if you want to complete the sale of your home.
Ferryhill Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing
Can you inform me if there are any major works in the planning that will add a premium to the service charges?
How much is the yearly service fee and ground rent?
The answer will be important as a) areas may cause problems in the block as the communal areas may begin to deteriorate if repairs remain unpaid b) if the tenants have a dispute with the running of the building you will wish to have all the details