Common questions relating to Marple leasehold conveyancing
Estate agents have just been given the go-ahead to market my ground floor flat in Marple.Conveyancing solicitors are to be appointed soon but I have just had a yearly service charge invoice – Do I pay up?
It best that you 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 managing agents 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.
What are your top tips when it comes to finding a Marple conveyancing practice to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Marple conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Marple conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:
- How many lease extensions have they conducted in Marple in the last 12 months?
Do you have any advice for leasehold conveyancing in Marple with the aim of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Marple can be bypassed where you instruct lawyers the minute you market your property and request that they start to collate the leasehold documentation needed by the buyers conveyancers.
- Many freeholders or Management Companies in Marple levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Marple.
All being well we will complete the sale of our £175000 apartment in Marple next week. The managing agents has quoted £420 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Marple?
Marple conveyancing on leasehold maisonettes normally involves the purchaser’s solicitor sending questions for the landlord to answer. Although the landlord is under no legal obligation to respond to these enquiries most will be willing to assist. They may levy a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some transactions it is in excess of £800. The management information fee levied by the landlord must be sent together with a synopsis of rights and obligations in relation to administration charges, otherwise the charge is technically not due. In reality one has little option but to pay whatever is demanded if you want to complete the sale of your home.
In relation to leasehold conveyancing in Marple what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Marple. Most leases are individual and drafting errors can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the building
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You will have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Skipton Building Society, and Nottingham Building Society all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the purchaser to pull out.
Marple Leasehold Conveyancing - Sample of Queries Prior to buying
How many of the leaseholders are in arrears for their service charge payments?
The prefered form of lease structure is where the freehold reversion is in the ownership of the leaseholders. In this scenario the tenants benefit from being in charge if their destiny and although a managing agent is usually employed where the building is larger than a house conversion, the managing agent is directed by the tenants.
If a Marple lease has fewer than eighty years it will impact the salability of the flat. Check with your bank that they are willing to lend given the lease term. A short lease means that you will most likely require a lease extension at some point and you need to have some idea of what this will be. Remember, in most cases you would need to own the premises for a couple of years before you are legally able to extend the lease.