Examples of recent questions relating to leasehold conveyancing in Sandy
Expecting to complete next month on a basement flat in Sandy. Conveyancing solicitors inform me that they will have a report out to me 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 Sandy should include some of the following:
- Do you need to have carpet in the flat or are you allowed wood flooring?
I have just appointed agents to market my ground floor apartment in Sandy.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly maintenance charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is discharge 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 managing agents 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.
Back In 2006, I bought a leasehold flat in Sandy. Conveyancing and Virgin Money mortgage are in place. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1991. The conveyancing practitioner in Sandy who previously acted has now retired.What should I do?
First make enquiries of the Land Registry to make sure that this person is in fact the new freeholder. It is not necessary to incur the fees of a Sandy conveyancing practitioner to do this as you can do this on the Land Registry website for a few pound. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I work for a busy estate agent office in Sandy where we have witnessed a number of leasehold sales derailed as a result of short leases. I have been given inconsistent advice from local Sandy conveyancing firms. Please can you clarify whether the owner of a flat can start the lease extension formalities 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. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
An alternative approach is 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 buyer.
Completion in due on the disposal of our £200000 apartment in Sandy in 5 days. The landlords agents has quoted £372 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Sandy?
Sandy conveyancing on leasehold apartments normally necessitates the purchaser’s lawyer submitting questions for the landlord to address. Although the landlord is not legally bound to respond to such questions most will be willing to assist. They are at liberty invoice a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some situations it exceeds £800. The administration charge invoiced by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration fees, otherwise the charge is technically not due. In reality you have no choice but to pay whatever is demanded if you want to complete the sale of your home.
Sandy Leasehold Conveyancing - A selection of Questions you should ask before buying
This information is useful as a) areas can cause problems in the building as the communal areas may begin to deteriorate if maintenance are not paid for b) if the leaseholders have a dispute with the managing agents you will want to have all the details
Many Sandy leasehold properties will incur a service charge for maintenance of the block levied on behalf of the management company. If you buy the apartment you will have to pay this contribution, usually in instalments throughout the year. This could differ from a few hundred pounds to thousands of pounds for bigger purpose-built blocks. There will also be a rentcharge to be met yearly, this is usually not a large sum, say around £50-£100 but you should to enquire as occasionally it can be many hundreds of pounds.
Its a good idea to discover as much as possible about the company managing the block as they will affect your use and enjoyment of the property. Being a leasehold owner you will be at the mercy of the managing agents both financially and when it comes to day to day issues like the cleanliness of the communal areas. Don't be afraid to ask other people what they think of them. In conclusion, be sure you discover the dates that the maintenance charges are due to the managing agents and specifically what it includes.