Common questions relating to Newton Aycliffe leasehold conveyancing
Looking forward to complete next month on a studio apartment in Newton Aycliffe. Conveyancing solicitors assured me that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Newton Aycliffe should include some of the following:
- You should be sent a copy of the lease
I have just appointed agents to market my ground floor apartment in Newton Aycliffe.Conveyancing has not commenced but I have just received a quarterly service charge invoice – Do I pay up?
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 appears to tick a lot of boxes, at a great price which is making it more attractive. I have subsequently discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Newton Aycliffe. Conveyancing solicitors have are about to be appointed. Will they explain the issues?
The majority of houses in Newton Aycliffe are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are purchasing in Newton Aycliffe so you should seriously consider shopping around for a Newton Aycliffe conveyancing practitioner and check that they have experience in dealing with leasehold houses. As a matter of priority 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 for example obtaining the freeholder’spermission to carry out changes to the property. You may also be required to pay a contribution towards the upkeep of the communal areas where the house is located on an estate. Your conveyancer will report to you on the legal implications.
I am attracted to a two flats in Newton Aycliffe both have approximately 50 years remaining on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Newton Aycliffe. The lease is a right to use the property for a prescribed time frame. As the lease gets shorter the marketability of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is advisable to extend the lease term. It is often difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this arena
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £175000 apartment in Newton Aycliffe next week. The landlords agents has quoted £348 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Newton Aycliffe?
Newton Aycliffe conveyancing on leasehold flats normally involves the buyer’s conveyancer submitting questions for the landlord to address. Although the landlord is under no legal obligation to address such questions the majority will be content to do so. They are entitled charge a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The administration charge demanded by the landlord must be sent together with a summary of entitlements and obligations in relation to administration fees, without which the invoice is technically not due. Reality however dictates that you have no choice but to pay whatever is requested of you if you want to complete the sale of your home.
Leasehold Conveyancing in Newton Aycliffe - Sample of Questions you should consider Prior to buying
Who is in charge of the building?
Many Newton Aycliffe leasehold flats will be liable to pay a service charge for the upkeep of the building levied by the freeholder. Should you purchase the flat you will have to meet this liability, normally periodically throughout the year. This could vary from a couple of hundred pounds to thousands of pounds for bigger purpose-built buildings. There will also be a ground rent for you to pay yearly, normally this is not a large figure, say approximately £25-£75 but you should to check as on occasion it could be many hundreds of pounds.
Best to be warned whether changing the roof or some other significant cost is pending to be shared amongst the tenants and could well dramatically increase the the maintenance fees or require a specific payment.