Common questions relating to Stony Stratford leasehold conveyancing
I am in need of some leasehold conveyancing in Stony Stratford. Before I get started I want to be sure as to the unexpired term of the lease.
Assuming the lease is registered - and almost all are in Stony Stratford - then the leasehold title will always include the basic details 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.
I have just started marketing my garden flat in Stony Stratford.Conveyancing has not commenced but I have just had a quarterly maintenance charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should pay 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. This will smooth the conveyancing process.
I am looking at a couple of apartments in Stony Stratford both have approximately fifty years unexpired on the lease term. Will this present a problem?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the value of the lease decreases and it becomes more costly to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this area
I've recently bought a leasehold flat in Stony Stratford. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
We expect to complete the disposal of our £475000 garden flat in Stony Stratford in just under a week. The management company has quoted £360 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Stony Stratford?
Stony Stratford conveyancing on leasehold flats more often than not requires the purchaser’s solicitor sending questions for the landlord to answer. Although the landlord is not legally bound to respond to these enquiries the majority will be content to do so. They may invoice a reasonable charge for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some transactions it is above £800. The administration charge required by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration fees, without which the charge is not strictly payable. In reality one has little option but to pay whatever is demanded if you want to sell the property.
Stony Stratford Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to buying
This information is important as a) areas can cause problems in the block as the common areas may start to deteriorate if services remain unpaid b) if the tenants have a dispute with the running of the building you will wish to have complete disclosure
What is the yearly service fee and ground rent?
Are any of leasehold owners in arrears of their service charge payments?