I’m about to sell my garden apartment in Manningtree.Conveyancing is yet to be initiated but I have just received a yearly maintenance charge invoice – what should I do?

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 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 am looking at a couple of apartments in Manningtree which have about forty five years remaining on the leases. Will this present a problem?

There are plenty of short leases in Manningtree. The lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the value of the lease deteriorate and it becomes more expensive to acquire a lease extension. For this reason it is often a good idea to extend the lease term. It is often difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease extension can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this area

Last month I purchased a leasehold flat in Manningtree. 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 lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, 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 offer any advice when it comes to finding a Manningtree conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a conveyancer for your lease extension (regardless if they are a Manningtree conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non Manningtree conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:

• If they are not ALEP accredited then why not?
• Can they put you in touch with client in Manningtree who can give a testimonial?

Can you provide any advice for leasehold conveyancing in Manningtree from the perspective of expediting the sale process?

• Much of the frustration in leasehold conveyancing in Manningtree can be reduced if you instruct lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the purchasers’ conveyancers.
• A minority of Manningtree leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
• If there is a history of conflict with your freeholder or managing agents it is essential that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is better to present the dispute as over as opposed to unresolved.
• If you have the benefit of shareholding in the Management Company, you should ensure that you have the original share certificate. Obtaining a duplicate share certificate is often a lengthy process and slows down many a Manningtree home move. If a reissued share is necessary, do contact the company officers or managing agents (where applicable) for this at the earliest opportunity.
• You may think that you are aware of the number of years left on your lease but it would be advisable verify this via your lawyers. A buyer’s conveyancer will not be happy to advise their client to where the lease term is under 80 years. It is therefore important at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

Leasehold Conveyancing in Manningtree - Sample of Questions you should consider before buying

It is important to be aware whether changing the roof or some other significant cost is due shortly to be shared between the leaseholders and will materially increase the the maintenance costs or necessitate a one time invoice.