Frequently asked questions relating to Perry Barr leasehold conveyancing
Looking forward to complete next month on a basement flat in Perry Barr. Conveyancing lawyers assured me that they will have a report out to me tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Perry Barr should include some of the following:
- You should receive a copy of the lease
I am looking at a two apartments in Perry Barr which have about fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Perry Barr. The lease is a right to use the property for a prescribed time frame. As a lease shortens the value of the lease reduces and results in it becoming more costly to acquire a lease extension. For this reason it is often a good idea to extend the lease term. It is often difficult to sell a property with a short lease because mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this arena
Can you offer any advice when it comes to choosing a Perry Barr conveyancing practice to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Perry Barr conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Perry Barr conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:
- How experienced is the practice with lease extension legislation?
Can you provide any advice for leasehold conveyancing in Perry Barr from the perspective of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Perry Barr can be bypassed where you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold documentation which will be required by the purchasers’ solicitors.
- The majority landlords or managing agents in Perry Barr levy fees for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management information sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Perry Barr.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £475000 flat in Perry Barr next week. The landlords agents has quoted £360 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Perry Barr?
Perry Barr conveyancing on leasehold apartments often necessitates the purchaser’s conveyancer submitting questions for the landlord to address. Although the landlord is under no legal obligation to address such questions most will be willing to assist. They are at liberty charge a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some situations it is above £800. The administration charge demanded by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration charges, otherwise the charge is technically not due. In reality one has no choice but to pay whatever is demanded should you wish to complete the sale of your home.
Perry Barr Conveyancing for Leasehold Flats - Sample of Queries before buying
The prefered form of lease arrangement is a share of the freehold. In this situation the lessees enjoy control and even though a managing agent is often employed if it is bigger than a house conversion, the managing agent acts for the leaseholders themselves.
Make sure you investigate if there is anything that is prohibited in the lease. For example some leases prohibit pets being allowed in certain buildings in Perry Barr. If you love the flatin Perry Barr however your dog is not allowed to live with you then you will be presented with a difficult determination.
This information is useful as a) areas could cause problems for the block as the communal areas may begin to deteriorate if repairs are not paid for b) if the tenants have an issue with the running of the building you will wish to have all the details