Irlam leasehold conveyancing Example Support Desk Enquiries
I am hoping to exchange soon on a garden flat in Irlam. Conveyancing lawyers inform me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Irlam should include some of the following:
- The physical extent of the demise. This will be the apartment itself but could also include a roof space or basement if appropriate.
My wife and I purchased a leasehold flat in Irlam. Conveyancing and Nottingham Building Society mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1997. The conveyancing practitioner in Irlam who acted for me is not around.What should I do?
The first thing you should do is make enquiries of the Land Registry to make sure that the individual purporting to own the freehold is indeed the new freeholder. There is no need to instruct a Irlam conveyancing lawyer to do this as it can be done on-line for a few pound. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a two maisonettes in Irlam which have in the region of 50 years unexpired on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Irlam is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the premises. For most buyers and lenders, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Irlam conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Can you provide any advice for leasehold conveyancing in Irlam from the perspective of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Irlam can be reduced if you appoint lawyers the minute you market your property and ask them to put together the leasehold information needed by the buyers conveyancers.
- The majority freeholders or managing agents in Irlam charge for providing management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Irlam.
Completion in due on the disposal of our £175000 apartment in Irlam in just under a week. The managing agents has quoted £348 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Irlam?
Irlam conveyancing on leasehold apartments often involves the buyer’s lawyer submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to address such questions most will be content to assist. They are at liberty invoice a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some transactions it is above £800. The management information fee levied by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration fees, without which the invoice is not strictly payable. In reality one has little choice but to pay whatever is demanded if you want to exchange contracts with the buyer.
Irlam Conveyancing for Leasehold Flats - Examples of Queries before buying
How many of the leaseholders are in arrears for their service charge payments?
What is the name of the managing agents?
Is there a share of the freehold?