Saltdean leasehold conveyancing Example Support Desk Enquiries
I am in need of some leasehold conveyancing in Saltdean. Before I get started I require certainty as to the remaining lease term.
Assuming the lease is registered - and 99.9% are in Saltdean - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I have just appointed agents to market my 2 bed flat in Saltdean.Conveyancing lawyers have not yet been instructed but I have just had a quarterly maintenance charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is 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 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. Having a clear account will assist your cause and will leave you no worse off financially.
I am looking at a two apartments in Saltdean both have in the region of 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Saltdean. The lease is a right to use the premises for a period of time. As the lease shortens the saleability of the lease reduces and it becomes more expensive to extend the lease. For this reason it is often a good idea to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage companies may be unwilling to lend money on such properties. Lease extension can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this area
I work for a long established estate agent office in Saltdean where we have experienced a number of flat sales jeopardised as a result of leases having less than 80 years remaining. I have received conflicting advice from local Saltdean conveyancing firms. Please can you shed some light as to whether the vendor of a flat can initiate the lease extension process 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. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder 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 buyer.
When it comes to leasehold conveyancing in Saltdean what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Saltdean. All leases are unique and drafting errors can result in certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the premises
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Coventry Building Society, and Clydesdale all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.
Saltdean Conveyancing for Leasehold Flats - Sample of Questions you should ask before buying
What is the name of the managing agents?
Best to be warned whether a new roof is being put on or some other significant cost is anticipated to be shared by the leasehold owners and could well materially impact the level of the service charges or require a specific payment.
You will want to discover as much as you can concerning the managing agents as they will impact your use and enjoyment of the property. Being a leasehold owner you are frequently at the mercy of the managing agents from a financial perspective and when it comes to every day issues like the upkeep of the communal areas. Enquire of other people whether they are happy with their service. On a final note, be sure you discover the dates that the service fees are due to the relevant party and specifically how they are spending the funds.