Poole leasehold conveyancing Example Support Desk Enquiries
I’m about to sell my basement flat in Poole.Conveyancing is yet to be initiated but I have just had a quarterly service charge invoice – should I leave it to the buyer to sort out?
It best that you discharge the invoice 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 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. This will smooth the conveyancing process.
I am attracted to a two maisonettes in Poole both have approximately forty five years unexpired on the lease term. Will this present a problem?
A lease is a right to use the property for a prescribed time frame. As a lease gets shorter the value of the lease decreases and results in it becoming more costly to extend the lease. For this reason it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this arena
I work for a long established estate agent office in Poole where we have witnessed a number of flat sales jeopardised due to short leases. I have been given conflicting advice from local Poole conveyancing firms. Can you shed some light as to whether the seller of a flat can initiate the lease extension formalities 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 commence 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 to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with 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.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £125000 apartment in Poole next Friday . The landlords agents has quoted £300 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Poole?
Poole conveyancing on leasehold maisonettes usually involves the purchaser’s solicitor sending enquiries for the landlord to answer. Although the landlord is not legally bound to respond to such questions the majority will be content to assist. They may levy a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The management information fee invoiced by the landlord must be sent together with a synopsis of rights and obligations in relation to administration fees, without which the invoice is not strictly payable. Reality however dictates that you have little choice but to pay whatever is demanded if you want to sell the property.
What are the frequently found defects that you see in leases for Poole properties?
There is nothing unique about leasehold conveyancing in Poole. Most leases are unique and drafting errors can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the property
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You could encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Chelsea Building Society, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to withdraw.
Poole Leasehold Conveyancing - Sample of Questions you should ask Prior to buying
The prefered form of lease structure is a share of the freehold. In this scenario the tenants enjoy being in charge if their destiny and even though a managing agent is frequently employed if it is bigger than a house conversion, the managing agent employed by the leaseholders.
What is the length of the lease?
Where a Poole lease has no more than 80 years it will impact the marketability of the apartment. Check with your mortgage company that they are willing to go ahead with the loan given the lease term. A short lease means that you will probably have to extend the lease at some point and you need to have some idea of how much this would cost. Remember, in most cases you will need to own the residence for 24 months before you are legally able to extend the lease.