Sample questions relating to Wallasey leasehold conveyancing
Planning to sign contracts shortly on a garden flat in Wallasey. Conveyancing lawyers inform me that they report fully within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Wallasey should include some of the following:
- You should be sent a copy of the lease
I work for a busy estate agency in Wallasey where we have witnessed a number of flat sales jeopardised due to leases having less than 80 years remaining. I have been given conflicting advice from local Wallasey conveyancing solicitors. Could you shed some light as to whether the seller of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner 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 for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done 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 top tips for leasehold conveyancing in Wallasey from the point of view of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Wallasey can be reduced if you get in touch lawyers the minute you market your property and request that they start to put together the leasehold information which will be required by the buyers lawyers.
- Many freeholders or Management Companies in Wallasey levy fees for providing management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Wallasey.
We expect to complete the sale of our £150000 garden flat in Wallasey in seven days. The freeholder has quoted £408 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Wallasey?
Wallasey conveyancing on leasehold flats usually involves administration charges invoiced by management companies :
- Answering conveyancing due diligence questions
- Where consent is required before sale in Wallasey
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What makes a Wallasey lease defective?
There is nothing unique about leasehold conveyancing in Wallasey. All leases are unique and drafting errors can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the building
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You could have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Leeds Building Society, and Alliance & Leicester all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to withdraw.
I own a basement flat in Wallasey, conveyancing having been completed 3 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Wallasey with a long lease are worth £239,000. The ground rent is £50 yearly. The lease terminates on 21st October 2105
With just 80 years unexpired the likely cost is going to span between £11,400 and £13,200 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.
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