Recently asked questions relating to St Leonards On Sea leasehold conveyancing
I am employed by a long established estate agency in St Leonards On Sea where we have experienced a number of flat sales jeopardised due to short leases. I have received inconsistent advice from local St Leonards On Sea conveyancing solicitors. Please can you clarify whether the vendor of a flat can start the lease extension process 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 start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have 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 at the same time as 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 purchaser.
What are your top tips when it comes to finding a St Leonards On Sea conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a St Leonards On Sea conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non St Leonards On Sea conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- How familiar is the practice with lease extension legislation?
Do you have any advice for leasehold conveyancing in St Leonards On Sea with the purpose of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in St Leonards On Sea can be avoided where you instruct lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation needed by the purchasers’ lawyers.
- Many landlords or Management Companies in St Leonards On Sea levy fees for providing management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in St Leonards On Sea.
If all goes to plan we aim to complete the disposal of our £125000 maisonette in St Leonards On Sea in just under a week. The landlords agents has quoted £372 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in St Leonards On Sea?
St Leonards On Sea conveyancing on leasehold apartments usually involves the purchaser’s solicitor sending questions for the landlord to answer. Although the landlord is not legally bound to answer such questions the majority will be willing to do so. They are entitled levy a reasonable charge for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some transactions it is in excess of £800. The administration charge levied by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration fees, without which the invoice is technically not due. Reality however dictates that one has no choice but to pay whatever is demanded should you wish to sell the property.
Are there frequently found deficiencies that you witness in leases for St Leonards On Sea properties?
There is nothing unique about leasehold conveyancing in St Leonards On Sea. All leases is drafted differently and drafting errors can sometimes mean that certain clauses are wrong. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the building
- 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
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Skipton Building Society, and Aldermore all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to pull out.
St Leonards On Sea Leasehold Conveyancing - Examples of Queries Prior to buying
The best form of lease arrangement is if the freehold reversion is owned by the leaseholders. In this situation the lessees enjoy control and although a managing agent is frequently retained where it is larger than a house conversion, the managing agent employed by the leaseholders.
Generally speaking the outlay for major works are not included within service charges, albeit that a few managing agents in St Leonards On Sea obliged tenants to contribute towards a reserve fund created for the specific purpose of establishing a fund for larger repairs or maintenance.
The answer will be useful as a) areas may result in problems for the building as the common areas may start to deteriorate where services remain unpaid b) if the leasehold owners have a dispute with the managing agents you will need to know about it