Experts for Leasehold Conveyancing in Rugby

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Examples of recent questions relating to leasehold conveyancing in Rugby

Due to exchange soon on a ground floor flat in Rugby. Conveyancing solicitors have said that they report fully within the next couple of days. What should I be looking out for?

Your report on title for your leasehold conveyancing in Rugby should include some of the following:

  • The unexpired lease term You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
  • You must be told what counts as a Nuisance in the lease
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Repair and maintenance of the flat
  • Changes to the flat (alterations and additions)
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • What you can do if a neighbour is in violation of a provision in their lease? For details of the information to be included in your report on your leasehold property in Rugby please enquire of your solicitor in advance of your conveyancing in Rugby

    • I have just started marketing my basement apartment in Rugby.Conveyancing solicitors are to be appointed soon but I have just received a yearly maintenance charge invoice – Do I pay up?

    The sensible thing to do is 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 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 am tempted by the attractive purchase price for a couple of flats in Rugby both have about forty five years remaining on the leases. Will this present a problem?

    There are no two ways about it. A leasehold flat in Rugby is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. For most buyers and mortgage companies, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Rugby conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

    Do you have any top tips for leasehold conveyancing in Rugby from the perspective of expediting the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Rugby can be reduced where you instruct lawyers the minute you market your property and ask them to collate the leasehold information needed by the purchasers’ conveyancers.
    • Many landlords or managing agents in Rugby levy fees for supplying management packs for a leasehold homes. 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 reason for frustration in leasehold conveyancing in Rugby.
  • Some Rugby leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents 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 there is a history of conflict with your freeholder or managing agents it is very important that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may have to bite the bullet and pay 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 prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to present the dispute as over as opposed to ongoing.
  • If you hold a share in a the freehold, you should make sure that you are holding the original share document. Arranging a re-issued share certificate is often a lengthy process and frustrates many a Rugby conveyancing deal. If a new share is required, do contact the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.

    • If all goes to plan we aim to complete the sale of our £375000 garden flat in Rugby in nine days. The freeholder has quoted £384 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Rugby?

    Rugby conveyancing on leasehold flats usually involves the buyer’s conveyancer sending questions for the landlord to address. Although the landlord is not legally bound to answer such questions most will be content to do so. They are at liberty levy a reasonable administration fee for answering enquiries 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 transactions it is above £800. The management information fee invoiced by the landlord must be sent together with a summary of rights and obligations in respect of administration fees, otherwise the invoice is not strictly payable. Reality however dictates that one has little choice but to pay whatever is requested of you if you want to exchange contracts with the buyer.

    Rugby Leasehold Conveyancing - A selection of Queries before Purchasing

      What prohibitions exist in the Rugby Lease? Does this lease have in excess of 82 years unexpired? Plenty Rugby leasehold properties will be liable to pay a service bill for the upkeep of the building invoiced by the management company. If you buy the flat you will have to meet this charge, usually in instalments accross the year. This can vary from a couple of hundred pounds to thousands of pounds for buildings with lifts and large common areas. There will also be a rentcharge for you to pay yearly, this is usually not a significant sum, say approximately £25-£75 but you need to enquire it because sometimes it can be many hundreds of pounds.

    Other Topics

    Lease Extensions in Rugby