Sample questions relating to Great Missenden leasehold conveyancing
I am hoping to sign contracts shortly on a garden flat in Great Missenden. Conveyancing lawyers have said that they will have a report out to me next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Great Missenden should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years
I work for a busy estate agency in Great Missenden where we have experienced a few flat sales derailed due to short leases. I have received inconsistent advice from local Great Missenden conveyancing solicitors. Could you confirm whether the owner of a flat can initiate the lease extension process for the purchaser on completion of the sale?
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. This means that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as 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 purchaser.
Can you offer any advice when it comes to appointing a Great Missenden conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Great Missenden conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non Great Missenden 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 useful:
- What volume of lease extensions has the firm completed in Great Missenden in the last year?
Do you have any advice for leasehold conveyancing in Great Missenden from the perspective of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Great Missenden can be bypassed if you instruct lawyers the minute your agents start marketing the property and ask them to collate the leasehold information which will be required by the purchasers’ lawyers.
- In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Great Missenden leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence from the Landlord consenting to such works. If you dont have the approvals in place you should not contact the landlord without contacting your lawyer in the first instance.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £200000 garden flat in Great Missenden next Thursday . The managing agents has quoted £408 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Great Missenden?
Great Missenden conveyancing on leasehold flats usually involves the buyer’s lawyer sending questions for the landlord to answer. Although the landlord is under no legal obligation to respond to these enquiries the majority will be content to assist. They are entitled charge a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some cases it exceeds £800. The management information fee required by the landlord must be sent together with a synopsis of entitlements and obligations in respect of administration fees, otherwise the invoice is not strictly payable. Reality however dictates that you have little choice but to pay whatever is requested of you if you want to exchange contracts with the buyer.
Leasehold Conveyancing in Great Missenden - Sample of Questions you should ask Prior to Purchasing
This information is useful as a) areas could cause problems for the block as the common areas may start to deteriorate if maintenance remain unpaid b) if the leaseholders have an issue with the managing agents you will wish to have all the details
Best to be warned if a new roof is being installed or some other major work is due shortly that will be shared by the leasehold owners and will dramatically impact the level of the service charges or result in a specific payment.
What is the name of the managing agents?