Sample questions relating to Middlewich leasehold conveyancing
Looking forward to exchange soon on a studio apartment in Middlewich. Conveyancing lawyers inform me that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Middlewich should include some of the following:
- The physical extent of the premises. This will be the flat itself but could also incorporate a loft or cellar if applicable.
I am attracted to a two flats in Middlewich which have about 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?
A lease is a right to use the premises for a prescribed time frame. As the lease shortens the value of the lease decreases and it becomes more expensive to extend the lease. This is why it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this field
Last month I purchased a leasehold property in Middlewich. Am I liable to pay service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner 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).
Do you have any advice for leasehold conveyancing in Middlewich from the point of view of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Middlewich can be reduced if you get in touch lawyers as soon as you market your property and ask them to collate the leasehold documentation needed by the purchasers’ representatives.
- Many freeholders or Management Companies in Middlewich charge for providing management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for 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 usual cause of frustration in leasehold conveyancing in Middlewich.
All being well we will complete our sale of a £375000 apartment in Middlewich on Friday in a week. The management company has quoted £324 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Middlewich?
Middlewich conveyancing on leasehold flats nine out of ten times involves administration charges invoiced by landlords agents :
- Answering pre-contract enquiries
- Where consent is required before sale in Middlewich
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Middlewich Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to buying
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The prefered form of lease arrangement is a share of the freehold. In this situation the leaseholders have control and even though a managing agent is frequently employed where the building is larger than a house conversion, the managing agent is directed by the tenants.
The answer will be useful as a) areas can result in problems in the building as the communal areas may start to deteriorate if repairs remain unpaid b) if the tenants have a dispute with the running of the building you will need to know about it
Its a good idea to find out as much as you can about the company managing the building as they will either make life much easier or problematic. As the owner of a leasehold property you are frequently at the mercy of the managing agents both financially and when it comes to practical matters such as the tidiness of the common parts. Enquire of other tenants what they think of their service. In conclusion, be sure you discover the dates that the maintenance fees are due to the managing agents and specifically what you get for your money.
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