Recently asked questions relating to Marks Gate leasehold conveyancing
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a great price which is making it more attractive. I have since found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Marks Gate. Conveyancing lawyers have are about to be appointed. Will they explain the issues?
Most houses in Marks Gate are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Marks Gate so you should seriously consider shopping around for a Marks Gate conveyancing practitioner and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your solicitor should appraise you on the various issues.
I am tempted by the attractive purchase price for a two apartments in Marks Gate which have about 50 years remaining on the leases. Will this present a problem?
There are plenty of short leases in Marks Gate. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the value of the lease deteriorate and it becomes more costly to acquire a lease extension. For this reason it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field
I am a negotiator for a long established estate agency in Marks Gate where we have witnessed a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have received conflicting advice from local Marks Gate conveyancing solicitors. Please can you confirm whether the vendor of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease 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 buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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 purchaser.
Can you provide any top tips for leasehold conveyancing in Marks Gate with the aim of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Marks Gate can be reduced if you instruct lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the buyers conveyancers.
- Many landlords or managing agents in Marks Gate levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack sought as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Marks Gate.
We expect to complete the sale of our £375000 apartment in Marks Gate next week. The managing agents has quoted £396 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Marks Gate?
Marks Gate conveyancing on leasehold maisonettes usually requires the buyer’s solicitor sending questions for the landlord to address. Although the landlord is under no legal obligation to respond to such questions most will be willing to do so. They are entitled levy a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some transactions it is in excess of £800. The management information fee invoiced by the landlord must be sent together with a summary of rights and obligations in relation to administration charges, otherwise the charge is technically not due. Reality however dictates that one has no choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
After months of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Marks Gate. Can we issue an application to the Residential Property Tribunal Service?
Most definitely. We can put you in touch with a Marks Gate conveyancing firm who can help.
An example of a Lease Extension case for a Marks Gate premises is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case affected 1 flat. The unexpired lease term was 61.36 years.