I have just started marketing my 2 bed flat in Taplow.Conveyancing is yet to be initiated but I have just had a yearly maintenance charge demand – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should clear 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 management companies 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 looking at a couple of flats in Taplow both have about fifty years remaining on the leases. should I be concerned?

There are plenty of short leases in Taplow. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the value of the lease reduces and it becomes more expensive to extend the lease. This is why it is generally wise to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this field

I work for a long established estate agent office in Taplow where we have witnessed a number of leasehold sales derailed as a result of short leases. I have received inconsistent advice from local Taplow conveyancing firms. Could you confirm whether the vendor of a flat can commence the lease extension process for the purchaser on completion of the sale?

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. The benefit of this is that the buyer 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 prior to, or at the same time as completion of the sale.

An alternative approach is 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.

Can you provide any advice for leasehold conveyancing in Taplow from the point of view of speeding up the sale process?

• Much of the frustration in leasehold conveyancing in Taplow can be bypassed if you appoint lawyers the minute your agents start marketing the property and request that they start to put together the leasehold information needed by the purchasers’ solicitors.
• The majority landlords or Management Companies in Taplow levy fees for providing management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management information 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 common cause of frustration in leasehold conveyancing in Taplow.

We expect to complete the disposal of our £500000 flat in Taplow in just under a week. The landlords agents has quoted £372 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Taplow?

Taplow conveyancing on leasehold apartments usually involves the buyer’s lawyer sending questions for the landlord to address. Although the landlord is not legally bound to respond to these enquiries the majority will be content to assist. They are at liberty levy a reasonable charge for responding to enquiries 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 is above £800. The administration charge required by the landlord must be sent together with a summary of rights and obligations in respect of administration fees, otherwise the charge is not strictly payable. Reality however dictates that you have little option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.

Leasehold Conveyancing in Taplow - Sample of Queries before Purchasing

Is the freehold reversion owned collectively by the tenants? How much is the ground rent and service charge? Are there any major works anticipated that will add a premium to the service charges?

Other Topics

Lease Extensions in Taplow