Leasehold Conveyancing in Moreton In Marsh - Get a Quote from the leasehold experts approved by your lender

Get a Quote

Whether you are buying or selling leasehold flat in Moreton In Marsh, our panel of leasehold conveyancing experts will help you move with as little stress as possible. Find a Moreton In Marsh conveyancing lawyer with our search tool

Recently asked questions relating to Moreton In Marsh leasehold conveyancing

I’m about to sell my ground floor flat in Moreton In Marsh.Conveyancing solicitors are to be appointed soon but I have just had a yearly service charge invoice – should I leave it to the buyer to sort out?

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 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.

My wife and I purchased a leasehold flat in Moreton In Marsh. Conveyancing and Lloyds TSB Bank mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Moreton In Marsh who previously acted has now retired.Any advice?

The first thing you should do is make enquiries of the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. There is no need to instruct a Moreton In Marsh conveyancing lawyer to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

Last month I purchased a leasehold property in Moreton In Marsh. Am I liable to pay service charges for periods before my ownership?

Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Can you provide any top tips for leasehold conveyancing in Moreton In Marsh from the point of view of expediting the sale process?

  • Much of the delay in leasehold conveyancing in Moreton In Marsh can be avoided where you instruct lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold information needed by the purchasers’ representatives.
  • Many landlords or Management Companies in Moreton In Marsh charge for providing management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management information sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Moreton In Marsh.
  • A minority of Moreton In Marsh leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • If you have had any disputes with your landlord or managing agents it is essential that these are resolved before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a property where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to present the dispute as over as opposed to unsettled.
  • You believe that you know the number of years remaining on your lease but it would be advisable verify this via your lawyers. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the lease term is below 80 years. It is therefore important at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • Completion in due on the sale of our £200000 garden flat in Moreton In Marsh on Thursday in a week. The managing agents has quoted £408 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Moreton In Marsh?

    Moreton In Marsh conveyancing on leasehold apartments normally necessitates the buyer’s solicitor sending questions for the landlord to address. Although the landlord is not legally bound to respond to such questions most will be content to do so. They may levy a reasonable charge for answering questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some situations it is above £800. The management information fee demanded by the landlord must be sent together with a summary of rights and obligations in respect of administration charges, without which the charge is not strictly payable. In reality you have no choice but to pay whatever is demanded should you wish to complete the sale of your home.

    Leasehold Conveyancing in Moreton In Marsh - Sample of Queries Prior to Purchasing

      How is the lease structured? What is the name of the managing agents? You will want to find out as much as you can about the company managing the building as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you are often at the mercy of the managing agents from a financial perspective and when it comes to practical matters such as the upkeep of the common parts. Ask prospective neighbours what they think of them. Finally, investigate as to the dates that the maintenance fees are due to the relevant party and precisely how they are spending the funds.

    Other Topics

    Lease Extensions in Moreton In Marsh