Recently asked questions relating to Sandhurst leasehold conveyancing
Expecting to sign contracts shortly on a garden flat in Sandhurst. Conveyancing lawyers assured me that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Sandhurst should include some of the following:
- You should be sent a copy of the lease
I have just appointed agents to market my basement apartment in Sandhurst.Conveyancing lawyers have not yet been instructed but I have just received a quarterly service charge demand – what should I do?
It best that you clear 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. This will smooth the conveyancing process.
I am tempted by the attractive purchase price for a couple of maisonettes in Sandhurst both have about fifty years left on the lease term. Will this present a problem?
A lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the value of the lease deteriorate and it becomes more expensive to acquire a lease extension. This is why it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this field
Can you provide any top tips for leasehold conveyancing in Sandhurst with the purpose of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Sandhurst can be avoided if you appoint lawyers the minute you market your property and ask them to collate the leasehold documentation which will be required by the buyers lawyers.
- The majority freeholders or Management Companies in Sandhurst charge for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Sandhurst.
All being well we will complete the disposal of our £225000 garden flat in Sandhurst in 10 days. The managing agents has quoted £348 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Sandhurst?
Sandhurst conveyancing on leasehold maisonettes often necessitates the buyer’s conveyancer submitting questions for the landlord to address. Although the landlord is not legally bound to address these enquiries most will be willing to assist. They are entitled invoice a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some transactions it is above £800. The administration charge required by the landlord must be sent together with a summary of entitlements and obligations in respect of administration fees, without which the invoice is not strictly payable. In reality you have little choice but to pay whatever is demanded should you wish to exchange contracts with the buyer.
Leasehold Conveyancing in Sandhurst - A selection of Queries before Purchasing
The best form of lease structure is if the freehold interest is in the ownership of the leaseholders. In this situation the lessees have control and notwithstanding that a managing agent is usually employed if it is bigger than a house conversion, the managing agent retained by the leaseholders.
If a Sandhurst lease has no more than 80 years it will affect the value of the apartment. It is worth checking with your bank that they are content with remaining years on the lease. Leases with fewer than 80 years remaining means that you will almost definitely have to extend the lease sooner rather than later and you need to have some idea of how much this would cost. Remember, in most cases you would need to own the residence for two years before you are eligible to extend the lease.
This information is useful as a) areas may result in problems for the block as the communal areas may start to deteriorate where maintenance are not paid for b) if the leasehold owners have a dispute with the running of the building you will want to have all the details