Leasehold Conveyancing in Mildmay - Get a Quote from the leasehold experts approved by your lender

While any conveyancing practice can theoretically deal with your leasehold conveyancing in Mildmay, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Frequently asked questions relating to Mildmay leasehold conveyancing

Due to exchange soon on a studio apartment in Mildmay. Conveyancing lawyers have said that they are sending me a report next week. What should I be looking out for?

Your report on title for your leasehold conveyancing in Mildmay should include some of the following:

  • The physical extent of the demise. This will be the apartment itself but may include a loft or basement if appropriate.
  • Defining your legal entitlements in relation to common areas in the building.For instance, does the lease provide for a right of way over an accessway or hallways?
  • Are you allowed to have a pet in the flat?
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building For a comprehensive list of information to be contained in your report on your leasehold property in Mildmay please enquire of your lawyer in ahead of your conveyancing in Mildmay

  • I have just started marketing my garden apartment in Mildmay.Conveyancing has not commenced but I have just had a yearly service charge invoice – should I leave it to the buyer to sort out?

    Your conveyancing lawyer is likely to suggest that you should clear 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. Having a clear account will assist your cause and will leave you no worse off financially.

    I am attracted to a two apartments in Mildmay both have approximately forty five years left on the leases. Will this present a problem?

    There are plenty of short leases in Mildmay. The lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the value of the lease deteriorate and it becomes more expensive to extend the lease. This is why it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this arena

    I am a negotiator for a reputable estate agent office in Mildmay where we have experienced a few flat sales put at risk as a result of short leases. I have received conflicting advice from local Mildmay conveyancing firms. Could you shed some light as to whether the owner of a flat can initiate the lease extension process for the buyer?

    As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.

    Alternatively, it may be possible to agree the lease extension with the freeholder 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 purchaser.

    Completion in due on the disposal of our £150000 flat in Mildmay next week. The management company has quoted £336 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Mildmay?

    Mildmay conveyancing on leasehold flats often involves the buyer’s conveyancer submitting enquiries for the landlord to address. Although the landlord is not legally bound to answer these enquiries the majority will be content to assist. They are entitled levy a reasonable charge for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some cases it is above £800. The management information fee levied by the landlord must be sent together with a summary of entitlements and obligations in respect of administration fees, otherwise the invoice is not strictly payable. Reality however dictates that you have little option but to pay whatever is demanded should you wish to exchange contracts with the buyer.

    Mildmay Leasehold Conveyancing - A selection of Questions you should ask before Purchasing

      Are any of leasehold owners in dispute over their service charge liability? How much is the ground rent and service charge? Where a Mildmay lease has less than 80 years it will impact the value of the flat. It is worth checking with your bank that they are happy with residual term of the lease. Leases with fewer than 80 years remaining means that you will almost definitely require a lease extension sooner rather than later and it is worth finding out what this will be. For most Mildmaylease extensions you would be required to have been the owner of the property for a couple of years before you are eligible to carry out a lease extension.

    Other Topics

    Lease Extensions in Mildmay