Top Five Questions relating to Kingstanding leasehold conveyancing
Planning to complete next month on a ground floor flat in Kingstanding. Conveyancing lawyers inform me that they report fully on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Kingstanding should include some of the following:
- Setting out your rights in respect of the communal areas in the block.For instance, does the lease grant a right of way over a path or staircase?
I am looking at a couple of apartments in Kingstanding which have in the region of 50 years unexpired on the lease term. should I be concerned?
There are plenty of short leases in Kingstanding. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease gets shorter the marketability of the lease reduces and it becomes more costly to extend the lease. This is why it is generally wise to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this area
Last month I purchased a leasehold flat in Kingstanding. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation 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. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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).
Completion in due on our sale of a £325000 apartment in Kingstanding next week. The management company has quoted £396 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Kingstanding?
Kingstanding conveyancing on leasehold maisonettes often requires the purchaser’s solicitor submitting questions for the landlord to answer. Although the landlord is under no legal obligation to address these enquiries most will be content to do so. They may invoice a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The administration charge levied by the landlord must be sent together with a summary of entitlements and obligations in relation to administration charges, without which the charge is technically not due. Reality however dictates that one has little option but to pay whatever is demanded if you want to sell the property.
What makes a Kingstanding lease problematic?
Leasehold conveyancing in Kingstanding is not unique. All leases are individual and legal mistakes in the legal wording can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the property
- 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
You may have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Coventry Building Society, and Bank of Ireland all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to pull out.
Leasehold Conveyancing in Kingstanding - A selection of Queries Prior to buying
How is the lease structured?
Does this lease have more than 90 years left?
Does the lease include onerous restrictions?