Verwood leasehold conveyancing Example Support Desk Enquiries
Expecting to sign contracts shortly on a leasehold property in Verwood. Conveyancing solicitors assured me that they are sending me a report on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Verwood should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
I have just appointed agents to market my basement flat in Verwood.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly service charge invoice – 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. Having a clear account will assist your cause and will leave you no worse off financially.
I've recently bought a leasehold flat in Verwood. Do I have any liability for service charges for periods before my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element 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).
I am employed by a reputable estate agent office in Verwood where we have experienced a number of flat sales put at risk due to leases having less than 80 years remaining. I have been given inconsistent advice from local Verwood conveyancing firms. Could you clarify whether the owner of a flat can instigate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease 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. The benefit of this is 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 simultaneously with completion of the disposal of the property.
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 buyer.
Do you have any advice for leasehold conveyancing in Verwood with the aim of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Verwood can be avoided if you instruct lawyers the minute you market your property and ask them to put together the leasehold information needed by the buyers representatives.
- The majority landlords or managing agents in Verwood levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Verwood.
Leasehold Conveyancing in Verwood - Examples of Questions you should ask before Purchasing
Is anyone aware of any major works anticipated that will increase the maintenance costs?
Many Verwood leasehold properties will have a service bill for the upkeep of the building set by the management company. If you purchase the flat you will have to pay this charge, normally periodically throughout the year. This may be anything from a couple of hundred pounds to thousands of pounds for blocks with lifts and large common grounds. In all probability there will be a ground rent to be met annual, ordinarily this is not a significant sum, say approximately £25-£75 but you should to enquire it because occasionally it could be surprisingly expensive.
Are any of leasehold owners in dispute over their service charge payments?