Fixed-fee leasehold conveyancing in Finchampstead:

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While any conveyancing practice can theoretically handle your leasehold conveyancing in Finchampstead, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Common questions relating to Finchampstead leasehold conveyancing

I’m about to sell my garden flat in Finchampstead.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly maintenance charge demand – what should I do?

It best that you pay 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 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.

I work for a busy estate agency in Finchampstead where we have witnessed a number of flat sales jeopardised due to short leases. I have been given conflicting advice from local Finchampstead conveyancing solicitors. Please can you clarify whether the owner of a flat can instigate the lease extension formalities 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.

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 buyer.

Do you have any advice for leasehold conveyancing in Finchampstead with the purpose of speeding up the sale process?

  • Much of the delay in leasehold conveyancing in Finchampstead can be reduced where you appoint lawyers as soon as your agents start advertising the property and ask them to collate the leasehold information which will be required by the buyers conveyancers.
  • If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Finchampstead leases often stipulate that internal structural alterations or installing wooden flooring calls for a licence from the Landlord acquiescing to such works. Where you fail to have the approvals to hand do not communicate with the landlord without contacting your conveyancer in advance.
  • A minority of Finchampstead leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors.
  • If you have had any disputes with your freeholder or managing agents it is very important that these are resolved before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a property where a dispute is unsettled. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to present the dispute as over as opposed to unresolved.
  • You believe that you know the number of years remaining on your lease but it would be advisable double-check by asking your lawyers. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is under 75 years. In the circumstances it is important at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • If all goes to plan we aim to complete the disposal of our £300000 maisonette in Finchampstead in 10 days. The management company has quoted £408 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Finchampstead?

    Finchampstead conveyancing on leasehold flats normally necessitates the buyer’s conveyancer sending questions for the landlord to answer. Although the landlord is under no legal obligation to address such questions most will be content to do so. They may charge a reasonable charge for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The administration charge levied by the landlord must be sent together with a synopsis of rights and obligations in respect of administration charges, without which the charge is technically not due. In reality you have no option but to pay whatever is demanded if you want to complete the sale of your home.

    What makes a Finchampstead lease unmortgageable?

    There is nothing unique about leasehold conveyancing in Finchampstead. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain elements of the building
    • 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

    You may have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Coventry Building Society, and Aldermore all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the buyer to pull out.

    Leasehold Conveyancing in Finchampstead - Sample of Questions you should consider before buying

      The answer will be useful as a) areas may result in problems in the block as the common areas may start to deteriorate if repairs are not paid for b) if the tenants have an issue with the running of the building you will wish to know about it How much is the ground rent and service charge? It would be prudent to investigate if the the lease contains any adverse restrictions in the lease. For example some leases prohibit pets being permitted in certain buildings in Finchampstead. If you love the apartmentin Finchampstead but your cat can’t live with you then you will be faced difficult choice.

    Other Topics

    Lease Extensions in Finchampstead