Slough leasehold conveyancing: Q and A’s
Looking forward to complete next month on a leasehold property in Slough. Conveyancing solicitors inform me that they report fully next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Slough should include some of the following:
- You should receive a copy of the lease
I have just appointed agents to market my ground floor apartment in Slough.Conveyancing is yet to be initiated but I have just received a half-yearly maintenance charge demand – what should I do?
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 employed by a long established estate agency in Slough where we see a few leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have been given contradictory information from local Slough conveyancing solicitors. Please can you shed some light as to whether the seller 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 buyer 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 sale.
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.
What are your top tips when it comes to appointing a Slough conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Slough conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Slough conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:
- How experienced is the practice with lease extension legislation?
Can you provide any advice for leasehold conveyancing in Slough with the aim of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Slough can be reduced if you appoint lawyers as soon as you market your property and ask them to put together the leasehold documentation needed by the purchasers’ solicitors.
- Many freeholders or Management Companies in Slough charge for providing management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Slough.
Leasehold Conveyancing in Slough - Examples of Queries before buying
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Does the lease have onerous restrictions?
Does the lease have in excess of 90 years left?
You will want to discover as much as possible regarding the company managing the building as they can either make life much simpler or problematic. As the owner of a leasehold property you are often in the clutches of the managing agents from a financial perspective and when it comes to daily issues like the upkeep of the common parts. Don't be shy to ask prospective neighbours what they think of them. On a final note, find out the dates that you are obliged pay the maintenance charge to the appropriate party and specifically how they are spending that money.
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