Olney leasehold conveyancing: Q and A’s
I’m about to sell my garden apartment in Olney.Conveyancing has not commenced but I have just received a quarterly service charge demand – should I leave it to the buyer to sort out?
It best that you discharge 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 managing agents 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. Having a clear account will assist your cause and will leave you no worse off financially.
I am attracted to a two maisonettes in Olney both have in the region of 50 years unexpired on the leases. Will this present a problem?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the saleability of the lease deteriorate and it becomes more expensive to acquire a lease extension. This is why it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this field
I've recently bought a leasehold house in Olney. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner 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. It is an essential part of leasehold conveyancing for your conveyancer to be sure 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 advice for leasehold conveyancing in Olney with the intention of expediting the sale process?
- Much of the delay in leasehold conveyancing in Olney can be bypassed if you appoint lawyers the minute your agents start advertising the property and ask them to collate the leasehold information needed by the purchasers’ conveyancers.
- Many landlords or managing agents in Olney levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Olney.
We expect to complete the disposal of our £200000 apartment in Olney next Friday . The management company has quoted £372 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Olney?
For the majority of leasehold sales in Olney conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering pre-exchange questions
- Where consent is required before sale in Olney
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Olney Leasehold Conveyancing - Sample of Questions you should consider Prior to buying
Who is in charge of the building?
This question is helpful as a) areas can cause problems for the block as the common areas may start to deteriorate if services remain unpaid b) if the leasehold owners have a dispute with the running of the building you will wish to have full disclosure
What restrictions exist in the Olney Lease?