Examples of recent questions relating to leasehold conveyancing in Milton Keynes
Having had my offer accepted I require leasehold conveyancing in Milton Keynes. Before I get started I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and most are in Milton Keynes - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I have just started marketing my ground floor flat in Milton Keynes.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly service charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should discharge 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.
What advice can you give us when it comes to finding a Milton Keynes conveyancing practice to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Milton Keynes conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Milton Keynes conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- Can they put you in touch with client in Milton Keynes who can give a testimonial?
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £450000 garden flat in Milton Keynes in 10 days. The landlords agents has quoted £324 for Landlord’s certificate, 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 Milton Keynes?
Milton Keynes conveyancing on leasehold apartments ordinarily necessitates administration charges levied by freeholders :
- Addressing conveyancing due diligence questions
- Where consent is required before sale in Milton Keynes
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What makes a Milton Keynes lease defective?
Leasehold conveyancing in Milton Keynes is not unique. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the building
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Virgin Money, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to pull out.
Milton Keynes Conveyancing for Leasehold Flats - Examples of Questions you should consider Prior to Purchasing
The answer will be important as a) areas could cause problems in the building as the common areas may start to deteriorate where services are not paid for b) if the leaseholders have a dispute with the managing agents you will want to have complete disclosure
The majority of Milton Keynes leasehold flats will have a service bill for maintenance of the building invoiced by the management company. If you purchase the property you will have to pay this amount, normally periodically accross the year. This could be anything from several hundred pounds to thousands of pounds for blocks with lifts and large communal grounds. In all likelihood there will be a rentcharge to be met yearly, this is usually not a exorbitant figure, say around £25-£75 but you should to check as on occasion it could be prohibitively expensive.
Where a Milton Keynes lease has fewer than eighty years it will have adverse implications on the value of the property. It is worth checking with your lender that they are willing to lend given the lease term. Leases with less than 80 years remaining means that you will most likely need a lease extension sooner rather than later and you need to have some idea of how much this will be. For most Milton Keyneslease extensions you will need to own the residence for 24 months in order to be eligible to carry out a lease extension.