Marshalls Park leasehold conveyancing: Q and A’s
I have just started marketing my 2 bed apartment in Marshalls Park.Conveyancing has not commenced but I have just received a yearly maintenance charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should pay the service charge 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.
Back In 2006, I bought a leasehold flat in Marshalls Park. Conveyancing and Birmingham Midshires mortgage organised. I have received a letter from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1994. The conveyancing solicitor in Marshalls Park who previously acted has now retired.Do I pay?
The first thing you should do is make enquiries of the Land Registry to be sure that this person is in fact the new freeholder. You do not need to instruct a Marshalls Park conveyancing firm to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am looking at a two flats in Marshalls Park both have in the region of 50 years unexpired on the lease term. Do I need to be concerned?
There are plenty of short leases in Marshalls Park. The lease is a right to use the premises for a period of time. As the lease gets shorter the value of the lease reduces and results in it becoming more expensive to extend the lease. This is why it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this field
I am a negotiator for a busy estate agency in Marshalls Park where we see a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have been given contradictory information from local Marshalls Park conveyancing solicitors. Can you confirm whether the vendor of a flat can initiate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is 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 needs to be completed prior to, or simultaneously with 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 buyer.
What advice can you give us when it comes to appointing a Marshalls Park conveyancing firm to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Marshalls Park conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Marshalls Park conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- How experienced is the firm with lease extension legislation?
Marshalls Park Leasehold Conveyancing - A selection of Queries before Purchasing
It is important to be aware whether changing the roof or some other major work is pending that will be shared amongst the tenants and could well materially impact the level of the service costs or necessitate a specific invoice.
Make sure you find out if there is anything that is prohibited in the lease. For example some leases prohibit pets being allowed in certain buildings in Marshalls Park. If you like the apartmentin Marshalls Park but your cat is not allowed to move with you then you will be presented with a difficult decision.
How much is the ground rent and service charge?