Milton Keynes leasehold conveyancing: Q and A’s
I am on look out for some leasehold conveyancing in Milton Keynes. Before diving in I want to be sure as to the unexpired term of the lease.
If the lease is recorded at the land registry - and 99.9% are in Milton Keynes - then the leasehold title will always include the basic details 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 am hoping to sign contracts shortly on a ground floor flat in Milton Keynes. Conveyancing solicitors inform me that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Milton Keynes should include some of the following:
- You should receive a copy of the lease
I have just appointed agents to market my garden flat in Milton Keynes.Conveyancing is yet to be initiated but I have just had a half-yearly maintenance charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should clear 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 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. Having a clear account will assist your cause and will leave you no worse off financially.
Can you provide any top tips for leasehold conveyancing in Milton Keynes from the perspective of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Milton Keynes can be avoided where you appoint lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the purchasers’ representatives.
- Many freeholders or Management Companies in Milton Keynes charge for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Milton Keynes.
What makes a Milton Keynes lease defective?
Leasehold conveyancing in Milton Keynes is not unique. All leases is drafted differently and drafting errors can sometimes mean that certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the building
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, The Mortgage Works, and Platform Home Loans Ltd all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to pull out.
Milton Keynes Leasehold Conveyancing - Sample of Queries before buying
What restrictions are there in the Milton Keynes Lease?
How much is the annual maintenance fee and ground rent?
Are there any major works in the near future that will increase the service costs?