Examples of recent questions relating to leasehold conveyancing in Sedgefield
Having had my offer accepted I require leasehold conveyancing in Sedgefield. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
Assuming the lease is registered - and almost all are in Sedgefield - 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.
Expecting to exchange soon on a ground floor flat in Sedgefield. Conveyancing lawyers inform me that they report fully tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Sedgefield should include some of the following:
- You should be sent a copy of the lease
I have just started marketing my 2 bed flat in Sedgefield.Conveyancing has not commenced but I have just had a quarterly maintenance charge invoice – should I leave it to the buyer to sort out?
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. This will smooth the conveyancing process.
I work for a busy estate agent office in Sedgefield where we see a few leasehold sales put at risk due to short leases. I have been given contradictory information from local Sedgefield conveyancing firms. Please can you confirm whether the owner of a flat can commence the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have 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 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.
Completion in due on our sale of a £475000 garden flat in Sedgefield on Friday in a week. The management company has quoted £312 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Sedgefield?
Sedgefield conveyancing on leasehold apartments normally necessitates the buyer’s conveyancer sending questions for the landlord to answer. Although the landlord is not legally bound to address these enquiries most will be willing to assist. They are at liberty levy a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The administration charge invoiced by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration fees, otherwise the charge is technically not due. In reality one has little option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
Sedgefield Leasehold Conveyancing - Examples of Questions you should consider Prior to buying
Who takes charge for maintaining and repairing the building?
Its a good idea to find out as much as you can about the company managing the building as they will affect your use and enjoyment of the property. Being a leasehold owner you are frequently at the mercy of the managing agents both financially and when it comes to every day issues such as the tidiness of the communal areas. You should not be shy to ask other people what they think of their management. Finally, find out the dates that the service fees are due to the appropriate party and specifically how they are spending the funds.
The answer will be helpful as a) areas could result in problems for the building as the communal areas may start to deteriorate if services are not paid for b) if the leasehold owners have an issue with the running of the building you will want to have complete disclosure