Recently asked questions relating to Mildmay leasehold conveyancing
Harry (my fiance) and I may need to rent out our Mildmay ground floor flat for a while due to a career opportunity. We used a Mildmay conveyancing practice in 2001 but they have since shut and we did not have the foresight to seek any advice as to whether the lease permits subletting. How do we find out?
The lease dictates relations between the freeholder and you the leaseholder; in particular, it will indicate if subletting is banned, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Mildmay do not prevent an absolute prevention of subletting – such a provision would adversely affect the market value the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.
I am hoping to exchange soon on a studio apartment in Mildmay. Conveyancing solicitors inform me that they report fully next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Mildmay should include some of the following:
- You should receive a copy of the lease
Estate agents have just been given the go-ahead to market my basement apartment in Mildmay.Conveyancing has not commenced but I have just received a quarterly maintenance charge invoice – what should I do?
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 management companies will not acknowledge the buyer until 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.
Last month I purchased a leasehold property in Mildmay. Am I liable to pay service charges relating to a period prior to my ownership?
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. It is an essential part 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).
We expect to complete the disposal of our £400000 apartment in Mildmay in just under a week. The managing agents has quoted £312 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Mildmay?
For the majority of leasehold sales in Mildmay conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing conveyancing due diligence enquiries
- Where consent is required before sale in Mildmay
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Mildmay Leasehold Conveyancing - Sample of Queries Prior to Purchasing
You should be aware if it is less than 80 years it will affect the salability of the apartment. Check with your lender that they are willing to to proceed given the lease term. A short lease means that you will probably need a lease extension sooner rather than later and you need to have some idea of how much this will be. For most Mildmaylease extensions you would need to own the premises for a couple of years in order to be entitled to exercise a lease extension.
How many of the leaseholders are in arrears for their maintenance charge payments?
Is anyone aware of any major works anticipated that could increase the service fees?