Frequently asked questions relating to The Hale leasehold conveyancing
Looking forward to sign contracts shortly on a garden flat in The Hale. Conveyancing solicitors inform me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in The Hale should include some of the following:
- Defining your legal entitlements in respect of common areas in the building.For instance, does the lease include a right of way over a path or hallways?
I am tempted by the attractive purchase price for a couple of flats in The Hale which have in the region of forty five years left on the leases. Will this present a problem?
A lease is a right to use the property for a period of time. As a lease shortens the value of the lease decreases and it becomes more costly to acquire a lease extension. For this reason it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this area
Last month I purchased a leasehold property in The Hale. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner 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 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).
Can you provide any top tips for leasehold conveyancing in The Hale from the point of view of saving time on the sale process?
- Much of the delay in leasehold conveyancing in The Hale can be avoided where you instruct lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the purchasers’ solicitors.
- The majority landlords or managing agents in The Hale charge for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in The Hale.
If all goes to plan we aim to complete our sale of a £275000 flat in The Hale in just under a week. The managing agents has quoted £408 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in The Hale?
For most leasehold sales in The Hale conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing pre-exchange enquiries
- Where consent is required before sale in The Hale
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Following years of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in The Hale. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most certainly. We can put you in touch with a The Hale conveyancing firm who can help.
An example of a Lease Extension case for a The Hale residence is 20 Orchard Court Stonegrove in June 2009. The tribunal decided that a premium of £11,040 should be payable for the new lease This case affected 1 flat. The the unexpired term as at the valuation date was 71.55 years.