Quality lawyers for Leasehold Conveyancing in Montpelier

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

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?
  • Does the lease prohibit wood flooring?
  • Are you allowed to have a pet in the flat?
  • Does the lease prevent you from letting out the property, or working from home
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • Whether your lease has a provision for a sinking fund?
  • What the implications are if you breach a clause of your lease? For details of the information to be contained in your report on your leasehold property in Montpelier please enquire of your solicitor in ahead of your conveyancing in Montpelier

  • 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.
  • If you have carried out any alterations to the premises would they have required Landlord’s permission? In particular have you installed wooden flooring? Most leases in Montpelier state that internal structural alterations or installing wooden flooring necessitate a licence issued by the Landlord approving such changes. Where you dont have the paperwork in place you should not communicate with the landlord without checking with your solicitor in the first instance.
  • A minority of Montpelier leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If you have had conflict with your landlord or managing agents it is essential that these are resolved before the property is marketed. The buyers and their solicitors will be reluctant to purchase a property where a dispute is ongoing. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over rather than unsettled.

  • 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.

    Other Topics

    Lease Extensions in Montpelier