Questions and Answers: Leven leasehold conveyancing
I have just started marketing my 2 bed apartment in Leven.Conveyancing is yet to be initiated but I have just had a quarterly maintenance charge invoice – Do I pay up?
It best that you clear the invoice 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 managing agents will not acknowledge the buyer unless 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 am attracted to a couple of apartments in Leven both have about 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the value of the lease reduces and results in it becoming more expensive to extend the lease. This is why it is often a good idea 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 properties of this type. Lease extension can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this field
Can you provide any advice for leasehold conveyancing in Leven from the point of view of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Leven can be reduced where you get in touch lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the purchasers’ solicitors.
- The majority landlords or managing agents in Leven charge for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Leven.
If all goes to plan we aim to complete the disposal of our £225000 apartment in Leven in just under a week. The management company has quoted £360 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Leven?
Leven conveyancing on leasehold flats often necessitates the purchaser’s lawyer submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to answer 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 fee for the paperwork that you are referring to is over three hundred pounds, in some situations it is above £800. The management information fee levied by the landlord must be sent together with a summary of rights and obligations in relation to administration fees, otherwise the invoice is not strictly payable. In reality you have little option but to pay whatever is requested of you if you want to exchange contracts with the buyer.
When it comes to leasehold conveyancing in Leven what are the most common lease problems?
There is nothing unique about leasehold conveyancing in Leven. All leases are individual and drafting errors can result in certain provisions are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the premises
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You could 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. Halifax, Barnsley Building Society, and Clydesdale all have express requirements 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 provide security, obliging the purchaser to withdraw.
Leasehold Conveyancing in Leven - A selection of Queries Prior to Purchasing
The answer will be important as a) areas could result in problems in the block as the communal areas may start to deteriorate where maintenance remain unpaid b) if the tenants have an issue with the managing agents you will want to have all the details
How much is the ground rent and service charge?
In the main the outlay for major works tend not to be included within service charges, although there some managing agents in Leven obliged leaseholders to contribute towards a sinking fund created for the specific purpose of establishing a fund for major works.