Recently asked questions relating to Great Sankey leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Great Sankey. Before diving in I want to be sure as to the remaining lease term.
Assuming the lease is recorded at the land registry - and 99.9% are in Great Sankey - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Due to sign contracts shortly on a studio apartment in Great Sankey. Conveyancing solicitors inform me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Great Sankey should include some of the following:
- You should receive a copy of the lease
I am a negotiator for a reputable estate agent office in Great Sankey where we have experienced a few flat sales derailed due to short leases. I have been given contradictory information from local Great Sankey conveyancing firms. Can you confirm whether the vendor of a flat can commence the lease extension formalities for the buyer?
As long as 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. The benefit of this is 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 needs to be completed before, or simultaneously with completion of the sale.
An alternative approach is 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.
Can you provide 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 avoided if you instruct lawyers as soon as your agents start advertising the property and ask them to put together the leasehold documentation which will be required by the purchasers’ representatives.
- In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Great Sankey leases often stipulate that internal structural changes or addition of wooden flooring necessitate a licence issued by the Landlord approving such alterations. If you dont have the approvals in place you should not contact the landlord without contacting your lawyer before hand.
Are there frequently found problems that you witness in leases for Great Sankey properties?
Leasehold conveyancing in Great Sankey is not unique. Most leases is drafted differently and drafting errors can sometimes mean that certain provisions are wrong. 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
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You could have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, The Royal Bank of Scotland, and Clydesdale all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to withdraw.
Great Sankey Conveyancing for Leasehold Flats - A selection of Questions you should consider before Purchasing
Are there any major works in the near future that will likely add a premium to the service charges?
Are any of leasehold owners in dispute over their service charge payments?
It would be sensible to find out as much as you can about the managing agents as they will impact your use and enjoyment of the property. As the owner of a leasehold property you are often at the mercy of the managing agents both financially and when it comes to day to day matters like the tidiness of the communal areas. You should not be afraid to ask other tenants what they think of them. On a final note, find out the dates that you are obliged pay the maintenance charge to the relevant party and precisely what you get for your money.