Frequently asked questions relating to Marks Gate leasehold conveyancing
I have just started marketing my ground floor flat in Marks Gate.Conveyancing solicitors are to be appointed soon but I have just received a yearly service charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should pay 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 management companies 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. This will smooth the conveyancing process.
I've found a house that seems to be perfect, at a reasonable price which is making it more attractive. I have since discovered that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Marks Gate. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Marks Gate ?
The majority of houses in Marks Gate are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Marks Gate in which case you should be shopping around for a Marks Gate conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is located on an estate. Your conveyancer should appraise you on the various issues.
I am employed by a busy estate agent office in Marks Gate where we have experienced a number of flat sales jeopardised as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Marks Gate conveyancing firms. Please can you clarify whether the owner of a flat can start the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence 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 for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible 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 buyer.
What are your top tips when it comes to choosing a Marks Gate conveyancing firm to deal with our lease extension?
When appointing a property lawyer for your lease extension (regardless if they are a Marks Gate conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Marks Gate conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:
- How familiar is the firm with lease extension legislation?
Completion in due on the sale of our £225000 flat in Marks Gate in seven days. The landlords agents has quoted £396 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Marks Gate?
Marks Gate conveyancing on leasehold apartments ordinarily necessitates administration charges levied by managing agents :
- Completing pre-exchange enquiries
- Where consent is required before sale in Marks Gate
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I am the proprietor of a ground-floor 1960’s flat in Marks Gate. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the sum payable for the purchase of the freehold?
Absolutely. We can put you in touch with a Marks Gate conveyancing firm who can help.
An example of a Lease Extension decision for a Marks Gate residence 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 remaining number of years on the lease was 61.36 years.
Other Topics