Examples of recent questions relating to leasehold conveyancing in Hilton
Estate agents have just been given the go-ahead to market my 2 bed apartment in Hilton.Conveyancing solicitors are to be appointed soon but I have just had a yearly service charge invoice – Do I pay up?
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 management companies will not acknowledge the buyer until 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 am attracted to a couple of maisonettes in Hilton both have approximately fifty years remaining on the leases. Will this present a problem?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the saleability of the lease decreases and results in it becoming more expensive to extend the lease. This is why it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this arena
I work for a long established estate agent office in Hilton where we have witnessed a few leasehold sales derailed as a result of short leases. I have received inconsistent advice from local Hilton conveyancing solicitors. Can you shed some light as to whether the vendor of a flat can initiate the lease extension process 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 start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 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 at the same time as completion of the disposal of the property.
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.
We expect to complete our sale of a £275000 flat in Hilton next week. The management company has quoted £396 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Hilton?
Hilton conveyancing on leasehold maisonettes ordinarily involves administration charges raised by freeholders :
- Answering conveyancing due diligence enquiries
- Where consent is required before sale in Hilton
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
In relation to leasehold conveyancing in Hilton what are the most frequent lease defects?
Leasehold conveyancing in Hilton is not unique. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. 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 premises
- A duty to insure the building
- 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 encounter 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, Bank of Scotland, and Nottingham Building Society all have express conveyancing instructions 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, obliging the buyer to withdraw.
Hilton Leasehold Conveyancing - Sample of Queries Prior to buying
Please inform me if there are any major works on the horizon that will add a premium to the maintenance charges?
Best to be warned if window replacement or some other significant cost is coming up to be shared amongst the leasehold owners and will dramatically increase the the maintenance costs or result in a specific payment.
Are any of leasehold owners in dispute over their service charge payments?