Recently asked questions relating to Sandhurst leasehold conveyancing
I am hoping to sign contracts shortly on a basement flat in Sandhurst. Conveyancing lawyers assured me that they are sending me a report on Monday. 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:
- 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
I am looking at a couple of apartments in Sandhurst both have about forty five years left on the leases. should I be concerned?
There are plenty of short leases in Sandhurst. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease gets shorter the value of the lease deteriorate and results in it becoming more costly to acquire a lease extension. For this reason it is advisable to extend the lease term. It is often difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease extension can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this field
I work for a reputable estate agent office in Sandhurst where we see a few leasehold sales put at risk due to leases having less than 80 years remaining. I have been given conflicting advice from local Sandhurst conveyancing solicitors. Could you shed some light as to whether the owner of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease 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 proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
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.
We expect to complete the sale of our £300000 garden flat in Sandhurst in nine days. The freeholder has quoted £336 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Sandhurst?
Sandhurst conveyancing on leasehold flats normally involves the buyer’s lawyer submitting questions for the landlord to address. Although the landlord is not legally bound to address such questions most will be willing to do so. They are at liberty invoice a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some cases it is above £800. The administration charge required by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration fees, otherwise the invoice is technically not due. Reality however dictates that you have little option but to pay whatever is requested of you if you want to exchange contracts with the buyer.
In relation to leasehold conveyancing in Sandhurst what are the most frequent lease defects?
Leasehold conveyancing in Sandhurst is not unique. Most leases is drafted differently and legal mistakes in the legal wording can result in certain sections are missing. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the property
- Insurance obligations
- 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
You could have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Virgin Money, and Britannia all have express conveyancing instructions 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 grant the mortgage, forcing the buyer to pull out.
Sandhurst Conveyancing for Leasehold Flats - A selection of Queries before buying
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How much is the ground rent and service charge?
Please tell me if there are any major works in the near future that will likely increase the maintenance costs?
Be sure to investigate if there is anything that is prohibited in the lease. For instance it is reasonably common in Sandhurst leases that pets are not permitted in certain buildings in Sandhurst. If you like the flatin Sandhurst but your cat is not allowed to live with you then you will be presented with a difficult compromise.
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