Top Five Questions relating to Montpelier leasehold conveyancing
Due to complete next month on a leasehold property in Montpelier. Conveyancing solicitors have said that they will have a report out to me within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Montpelier should include some of the following:
- Defining your legal entitlements in relation to common areas in the building.By way of example, does the lease contain a right of way over an accessway or staircase?
Estate agents have just been given the go-ahead to market my 2 bed flat in Montpelier.Conveyancing solicitors are to be appointed soon but I have just received a half-yearly service charge demand – what should I do?
It best that you pay 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. This will smooth the conveyancing process.
I today plan to offer on a house that seems to meet my requirements, at a great price which is making it all the more appealing. I have subsequently found out that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in Montpelier. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Montpelier ?
The majority of houses in Montpelier are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Montpelier so you should seriously consider shopping around for a Montpelier conveyancing practitioner and check that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’spermission to conduct changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the property is located on an estate. Your conveyancer should appraise you on the various issues.
I work for a reputable estate agency in Montpelier where we have experienced a number of leasehold sales derailed as a result of short leases. I have received contradictory information from local Montpelier conveyancing firms. Can you confirm whether the owner of a flat can commence the lease extension process for the purchaser on completion of the sale?
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. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.
Do you have any top tips for leasehold conveyancing in Montpelier from the perspective of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Montpelier can be reduced where you appoint lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold information which will be required by the buyers lawyers.
- Many landlords or Management Companies in Montpelier levy fees for providing management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Montpelier.
Leasehold Conveyancing in Montpelier - A selection of Queries Prior to Purchasing
How much is the ground rent and service charge?
Is there a share of the freehold?
Generally speaking the outlay for major works are not wrapped into the service charges, albeit that there some managing agents in Montpelier ask leasehold owners to pay into a reserve fund and this is used to offset against major repairs or maintenance.