Top Five Questions relating to Twyford leasehold conveyancing
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a great figure which is making it more attractive. I have just been informed that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Twyford. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
The majority of houses in Twyford are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Twyford so you should seriously consider shopping around for a Twyford conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’spermission to carry out alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the property is located on an estate. Your conveyancer will advise you fully on all the issues.
I work for a reputable estate agency in Twyford where we have witnessed a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have received contradictory information from local Twyford conveyancing solicitors. Can you confirm whether the vendor of a flat can initiate the lease extension formalities 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. The benefit of this is 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 has to be done before, or at the same time as completion of the sale.
Alternatively, it may be possible 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.
Can you offer any advice when it comes to finding a Twyford conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Twyford conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Twyford conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- If they are not ALEP accredited then what is the reason?
Do you have any top tips for leasehold conveyancing in Twyford with the purpose of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Twyford can be bypassed where you get in touch lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation needed by the buyers conveyancers.
- If you have carried out any alterations to the premises would they have required Landlord’s approval? Have you, for example installed wooden flooring? Most leases in Twyford state that internal structural alterations or installing wooden flooring necessitate a licence issued by the Landlord approving such changes. Should you fail to have the consents in place you should not communicate with the landlord without checking with your solicitor before hand.
All being well we will complete our sale of a £200000 apartment in Twyford on Wednesday in a week. The landlords agents has quoted £300 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Twyford?
Twyford conveyancing on leasehold flats normally requires the buyer’s lawyer sending questions for the landlord to address. Although the landlord is under no legal obligation to answer these enquiries the majority will be willing to do so. They are entitled charge a reasonable administration fee for responding to questions 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 management information fee demanded by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration fees, without which the invoice is not strictly payable. Reality however dictates that you have no option but to pay whatever is requested of you should you wish to complete the sale of your home.
Leasehold Conveyancing in Twyford - Sample of Questions you should ask before Purchasing
Most Twyford leasehold flats will be liable to pay a service bill for maintenance of the block invoiced by the landlord. If you purchase the property you will have to pay this charge, normally periodically during the year. This can differ from several hundred pounds to thousands of pounds for blocks with lifts and large communal areas. In all probability there will be a ground rent for you to pay annual, this is usually not a significant amount, say around £50-£100 but you need to enquire it because occasionally it can be surprisingly expensive.
It would be wise to find out if there are any onerous prohibitions in the lease. For example it is very common in Twyford leases that pets are not allowed in in a block in Twyford. If you like the flatin Twyford however your cat is not allowed to move with you then you will be faced hard choice.
You will want to find out as much as you can concerning the company managing the building as they will impact your use and enjoyment of the property. As the proprietor of a leasehold property you are frequently at the mercy of the managing agents both financially and when it comes to practical matters like the upkeep of the common parts. Enquire of other people if they are happy with their management. On a final note, find out the dates that the service fees are due to the managing agents and precisely how they are spending the funds.