Sample questions relating to Great Sankey leasehold conveyancing
I am hoping to complete next month on a leasehold property in Great Sankey. Conveyancing solicitors have said that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Great Sankey should include some of the following:
- You should be sent a copy of the lease
I’m about to sell my 2 bed apartment in Great Sankey.Conveyancing is yet to be initiated but I have just received a half-yearly maintenance charge demand – what should I do?
It best that you clear 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. Having a clear account will assist your cause and will leave you no worse off financially.
What are your top tips when it comes to choosing a Great Sankey conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Great Sankey conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with several firms including non Great Sankey conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:
- How familiar is the practice with lease extension legislation?
Do you have any top tips for leasehold conveyancing in Great Sankey from the point of view of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Great Sankey can be bypassed where you get in touch lawyers the minute you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ conveyancers.
- Many freeholders or Management Companies in Great Sankey charge for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management information sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Great Sankey.
Are there frequently found defects that you witness in leases for Great Sankey properties?
There is nothing unique about leasehold conveyancing in Great Sankey. Most leases are individual and legal mistakes in the legal wording can result in certain sections are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the premises
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Barnsley Building Society, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to pull out.
Leasehold Conveyancing in Great Sankey - A selection of Questions you should ask before buying
Please note that where the lease has no more than 80 years it will affect the marketability of the flat. Check with your bank that they are content with remaining years on the lease. A short lease means that you will probably have to extend the lease at some point and it is worth discovering what this would cost. For most Great Sankeylease extensions you would be required to have been the owner of the property for two years in order to be legally able to extend the lease.
Is anyone aware of any major works on the horizon that will increase the maintenance charges?
Does the lease contain onerous restrictions?