Top Five Questions relating to Stanley leasehold conveyancing
I am hoping to exchange soon on a ground floor flat in Stanley. Conveyancing lawyers have said that they report fully on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Stanley should include some of the following:
- You should receive a copy of the lease
I have just started marketing my ground floor flat in Stanley.Conveyancing has not commenced but I have just received a yearly maintenance charge demand – Do I pay up?
It best that you discharge 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 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. This will smooth the conveyancing process.
I work for a busy estate agency in Stanley where we have witnessed a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have received conflicting advice from local Stanley conveyancing solicitors. Could you shed some light as to whether the owner of a flat can commence the lease extension process for the buyer?
Provided that 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 proposed purchaser need not have to sit tight for 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 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 purchaser.
What are your top tips when it comes to appointing a Stanley conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Stanley conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Stanley conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:
- How experienced is the practice with lease extension legislation?
Do you have any top tips for leasehold conveyancing in Stanley from the point of view of expediting the sale process?
- Much of the delay in leasehold conveyancing in Stanley can be bypassed where you get in touch lawyers the minute you market your property and ask them to put together the leasehold information needed by the buyers representatives.
- Many freeholders or managing agents in Stanley 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 on or before finding 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 Stanley.
Stanley Conveyancing for Leasehold Flats - Examples of Queries before buying
Does this lease have in excess of 85 years left?
You should want to discover as much as you can about the managing agents as they can either make life much simpler or problematic. As the owner of a leasehold property you are frequently in the clutches of the managing agents from a financial perspective and when it comes to day to day issues like the tidiness of the communal areas. Don't be afraid to ask other people whether they are happy with their management. Finally, find out the dates that you are obliged pay the service charge to the relevant party and specifically what you get for your money.
The best form of lease structure is where the freehold title is owned by the leaseholders. In this situation the leaseholders have being in charge if their destiny and although a managing agent is usually retained where it is larger than a house conversion, the managing agent is directed by the tenants.