Experts for Leasehold Conveyancing in Kings Heath

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Questions and Answers: Kings Heath leasehold conveyancing

My partner and I may need to rent out our Kings Heath garden flat for a while due to a new job. We instructed a Kings Heath conveyancing firm in 2001 but they have since shut and we did not have the foresight to seek any advice as to whether the lease allows us to sublet. How do we find out?

The lease governs relations between the freeholder and you the leaseholder; in particular, it will indicate if subletting is prohibited, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Kings Heath do not contain strict prohibition on subletting – such a provision would adversely affect the market value the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the tenancy agreement.

I have just started marketing my garden apartment in Kings Heath.Conveyancing is yet to be initiated but I have just received a yearly maintenance charge invoice – Do I pay up?

It best that you discharge 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. Having a clear account will assist your cause and will leave you no worse off financially.

I've recently bought a leasehold flat in Kings Heath. Do I have any liability for service charges for periods before my ownership?

Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Can you provide any top tips for leasehold conveyancing in Kings Heath from the point of view of speeding up the sale process?

  • Much of the delay in leasehold conveyancing in Kings Heath can be avoided where you get in touch lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information needed by the buyers representatives.
  • Many freeholders or managing agents in Kings Heath charge for supplying management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Kings Heath.
  • Some Kings Heath leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If you have had any disputes with your landlord or managing agents it is very important that these are resolved before the property is marketed. The buyers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to reveal the dispute as historic rather than unsettled.
  • If you hold a share in a the Management Company, you should ensure that you have the original share document. Obtaining a duplicate share certificate can be a lengthy process and slows down many a Kings Heath conveyancing deal. If a new share certificate is needed, you should approach the company director and secretary or managing agents (if relevant) for this at the earliest opportunity.

    • What makes a Kings Heath lease unmortgageable?

    There is nothing unique about leasehold conveyancing in Kings Heath. All leases are unique and drafting errors can result in certain sections are missing. The following missing provisions could result in a defective lease:

    • Repairing obligations 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.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Barnsley Building Society, 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 does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.

    Kings Heath Conveyancing for Leasehold Flats - Examples of Queries before buying

      How much is the ground rent and service charge? Most Kings Heath leasehold flats will have a service charge for maintenance of the building invoiced on behalf of the freeholder. Should you buy the apartment you will have to meet this amount, usually quarterly throughout the year. This may differ from a few hundred pounds to thousands of pounds for buildings with lifts and large communal areas. There will also be a rentcharge to be met annual, this is usually not a large amount, say about £25-£75 but you need to check it because sometimes it can be prohibitively expensive. How is the lease structured?

    Other Topics

    Lease Extensions in Kings Heath