Frequently asked questions relating to Manningtree leasehold conveyancing
Estate agents have just been given the go-ahead to market my ground floor apartment in Manningtree.Conveyancing lawyers have not yet been instructed but I have just had a quarterly maintenance charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should discharge 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 until 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 today plan to offer on a house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have just found out that it's a leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Manningtree. Conveyancing solicitors have are about to be appointed. Will they explain the issues?
The majority of houses in Manningtree are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Manningtree in which case you should be looking for a Manningtree conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’spermission to conduct changes to the property. You may also be required to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your lawyer should report to you on the legal implications.
I am a negotiator for a reputable estate agent office in Manningtree where we have witnessed a few leasehold sales derailed due to leases having less than 80 years remaining. I have received contradictory information from local Manningtree conveyancing firms. Can you confirm whether the seller of a flat can commence the lease extension formalities 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 proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as 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 Manningtree from the point of view of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Manningtree can be avoided if you instruct lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the purchasers’ solicitors.
- The majority freeholders or Management Companies in Manningtree charge for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management information sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Manningtree.
When it comes to leasehold conveyancing in Manningtree what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Manningtree. All leases are individual and legal mistakes in the legal wording can result in certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the premises
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Barnsley Building Society, and Godiva Mortgages Ltd all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to pull out.
Manningtree Leasehold Conveyancing - Sample of Queries Prior to buying
This question is important as a) areas can cause problems in the building as the common areas may begin to deteriorate if maintenance remain unpaid b) if the leaseholders have an issue with the running of the building you will need to have complete disclosure
Who takes responsibility for maintaining and repairing the block?
It is important to be aware if window replacement or some other major work is due shortly that will be shared amongst the leasehold owners and will materially impact the level of the service fees or necessitate a specific payment.