Fixed-fee leasehold conveyancing in Saltney:

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Saltney leasehold conveyancing: Q and A’s

Estate agents have just been given the go-ahead to market my basement flat in Saltney.Conveyancing has not commenced but I have just received a yearly service charge invoice – Do I pay up?

The sensible thing to do is pay 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 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 looking at a couple of flats in Saltney which have about fifty years left on the lease term. Will this present a problem?

There are no two ways about it. A leasehold apartment in Saltney is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most purchasers and mortgage companies, leases with under eighty years become less and less marketable. 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 a residence 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 Saltney conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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 Saltney from the point of view of expediting the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Saltney can be reduced if you instruct lawyers the minute your agents start marketing the property and request that they start to put together the leasehold information which will be required by the buyers solicitors.
  • Many landlords or managing agents in Saltney levy fees for providing management packs for a leasehold homes. You or your lawyers should enquire as to 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 receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Saltney.
  • If you have carried out any alterations to the property would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Saltney state that internal structural changes or addition of wooden flooring calls for a licence issued by the Landlord acquiescing to such changes. Where you dont have the paperwork in place you should not communicate with the landlord without contacting your solicitor before hand.
  • A minority of Saltney leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the annual 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 lawyers.
  • If there is a history of any disputes with your landlord or managing agents it is very important that these are settled prior to the flat being put on the market. The buyers and their solicitors will be warry about purchasing a property where a dispute is unsettled. You may need to swallow your pride and discharge any arrears of service charge or settle 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 are still duty bound to disclose particulars of the dispute to the buyers, but it is better to present the dispute as over rather than unresolved.

    • We expect to complete the sale of our £400000 flat in Saltney in seven days. The landlords agents has quoted £420 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Saltney?

    Saltney conveyancing on leasehold apartments more often than not involves the purchaser’s lawyer submitting questions for the landlord to address. Although the landlord is under no legal obligation to respond to such questions most will be content to assist. They are at liberty invoice a reasonable administration fee for answering questions 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 levied by the landlord must be accompanied by a summary of rights and obligations in respect of administration charges, without which the charge is technically not due. In reality one has little choice but to pay whatever is demanded if you want to exchange contracts with the buyer.

    Are there frequently found defects that you come across in leases for Saltney properties?

    There is nothing unique about leasehold conveyancing in Saltney. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements of the building
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Coventry Building Society, and Nottingham Building Society all have express requirements 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, obliging the buyer to withdraw.

    Saltney Conveyancing for Leasehold Flats - Sample of Questions you should consider before buying

      Make sure you investigate if there is anything that is prohibited in the lease. For example some leases prohibit pets being allowed in in a block in Saltney. If you like the propertyin Saltney yet your cat is not allowed to move with you then you have a very hard decision. How is the lease structured? Best to be warned if fixing the lift or some other significant cost is pending that will be shared amongst the tenants and will dramatically increase the the maintenance costs or necessitate a one off payment.

    Other Topics

    Lease Extensions in Saltney