Great Baddow leasehold conveyancing: Q and A’s
Estate agents have just been given the go-ahead to market my basement apartment in Great Baddow.Conveyancing is yet to be initiated but I have just had a half-yearly maintenance charge invoice – should I leave it to the buyer to sort out?
It best that you 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. Having a clear account will assist your cause and will leave you no worse off financially.
I own a leasehold house in Great Baddow. Conveyancing and Bank of Scotland mortgage are in place. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1997. The conveyancing solicitor in Great Baddow who acted for me is not around.Do I pay?
First contact the Land Registry to be sure that the individual purporting to own the freehold is indeed the new freeholder. It is not necessary to instruct a Great Baddow conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I've recently bought a leasehold property in Great Baddow. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
What are your top tips when it comes to choosing a Great Baddow conveyancing firm to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Great Baddow conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Great Baddow conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:
- If the firm is not ALEP accredited then why not?
We expect to complete the sale of our £375000 apartment in Great Baddow in 5 days. The landlords agents has quoted £396 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Great Baddow?
Great Baddow conveyancing on leasehold flats usually necessitates the purchaser’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to answer such questions most will be willing to assist. They are entitled charge a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some cases it exceeds £800. The management information fee demanded by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration fees, without which the invoice is technically not due. Reality however dictates that one has no option but to pay whatever is requested of you if you want to sell the property.
Great Baddow Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to Purchasing
Is the freehold owned collectively by the tenants?
Many Great Baddow leasehold properties will be liable to pay a service charge for the upkeep of the block set on behalf of the freeholder. If you acquire the flat you will have to meet this amount, normally periodically accross the year. This could be anything from a few hundred pounds to thousands of pounds for bigger purpose-built blocks. In all likelihood there will be a ground rent for you to pay yearly, ordinarily this is not a exorbitant sum, say around £50-£100 but you should to enquire it because occasionally it can be many hundreds of pounds.
How much is the yearly service fee and ground rent?