Top Five Questions relating to March leasehold conveyancing
My partner and I may need to rent out our March garden flat temporarily due to a career opportunity. We instructed a March conveyancing practice in 2004 but they have since shut and we did not think at the time get any advice as to whether the lease allows us to sublet. How do we find out?
A small minority of properties in March do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
Looking forward to complete next month on a studio apartment in March. Conveyancing lawyers inform me that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in March should include some of the following:
- Are pets allowed in the flat?
I have just started marketing my ground floor apartment in March.Conveyancing is yet to be initiated but I have just received a yearly maintenance charge demand – should I leave it to the buyer to sort out?
It best that you 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. 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 meet my requirements, at a reasonable price which is making it more attractive. I have just discovered that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in March. Conveyancing lawyers have not yet been appointed. Will they explain the issues?
The majority of houses in March are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in March in which case you should be looking for a March conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a lessee 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 carry out alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your solicitor should advise you fully on all the issues.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £125000 garden flat in March next Wednesday . The freeholder has quoted £360 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in March?
March conveyancing on leasehold maisonettes usually requires the buyer’s conveyancer submitting questions for the landlord to address. Although the landlord is not legally bound to address such questions the majority will be content to do so. They are at liberty invoice a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some transactions it is above £800. The administration charge required by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration charges, otherwise the invoice is technically not due. In reality you have little option but to pay whatever is demanded should you wish to sell the property.
March Leasehold Conveyancing - A selection of Queries before buying
Is the freehold reversion owned collectively by the tenants?
On the whole the outlay for major works are not incorporated into the service charges, albeit that there some managing agents in March require leasehold owners to pay into a reserve fund and this is used to offset against major repairs or maintenance.
Best to be warned whether redecorating or some other significant cost is due shortly to be shared by the leaseholders and may well materially increase the the maintenance costs or require a specific invoice.