Sample questions relating to Ferryside leasehold conveyancing
Estate agents have just been given the go-ahead to market my ground floor apartment in Ferryside.Conveyancing has not commenced but I have just received a half-yearly maintenance charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should clear the service charge 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 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.
My wife and I purchased a leasehold house in Ferryside. Conveyancing and TSB 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 demand for arrears of ground rent dating back to 1995. The conveyancing practitioner in Ferryside who previously acted has now retired.What should I do?
First make enquiries of HMLR to be sure that this person is in fact the registered owner of the freehold reversion. You do not need to instruct a Ferryside conveyancing solicitor to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I work for a long established estate agent office in Ferryside where we have witnessed a few leasehold sales put at risk as a result of short leases. I have received inconsistent advice from local Ferryside conveyancing firms. Could you confirm whether the seller of a flat can start 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having 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 at the same time as completion of the disposal of the property.
Alternatively, it may be possible 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 purchaser.
Can you offer any advice when it comes to appointing a Ferryside conveyancing practice to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Ferryside conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non Ferryside conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- How many lease extensions have they conducted in Ferryside in the last 12 months?
All being well we will complete the sale of our £400000 apartment in Ferryside next Tuesday . The landlords agents has quoted £336 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Ferryside?
Ferryside conveyancing on leasehold flats typically results in fees being raised by landlords agents :
- Answering pre-contract enquiries
- Where consent is required before sale in Ferryside
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Ferryside Leasehold Conveyancing - Examples of Queries Prior to Purchasing
How is the lease structured?
On the whole the outlay for major works tend not to be built into the service charges, although a few managing agents in Ferryside ask leasehold owners to pay into a sinking fund and this is used to offset against larger works.
Where a Ferryside lease has less than 80 years it will impact the value of the apartment. Check with your bank that they are willing to to proceed given the lease term. Leases with fewer than 80 years remaining means that you will most likely require a lease extension sooner rather than later and you need to have some idea of what this will be. Remember, in most cases you will need to own the property for 24 months before you are eligible to extend the lease.