Recently asked questions relating to Washwood Heath leasehold conveyancing
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have just found out that it's a leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Washwood Heath. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Washwood Heath ?
Most houses in Washwood Heath 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. We note that you are buying in Washwood Heath in which case you should be shopping around for a Washwood Heath conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’sconsent to carry out alterations. It may be necessary to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your conveyancer should appraise you on the various issues.
I am employed by a long established estate agency in Washwood Heath where we see a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Washwood Heath conveyancing firms. Could you confirm whether the vendor of a flat can commence 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 commence 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 sit tight for 2 years for a lease extension. 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 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.
Can you provide any advice for leasehold conveyancing in Washwood Heath with the purpose of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Washwood Heath can be avoided where you get in touch lawyers the minute your agents start advertising the property and ask them to collate the leasehold information which will be required by the purchasers’ lawyers.
- Many freeholders or managing agents in Washwood Heath levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Washwood Heath.
If all goes to plan we aim to complete the disposal of our £300000 maisonette in Washwood Heath next Monday . The freeholder has quoted £408 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Washwood Heath?
Washwood Heath conveyancing on leasehold flats usually involves the purchaser’s lawyer submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to answer such questions most will be willing to assist. They are at liberty charge a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some transactions it is in excess of £800. The management information fee invoiced by the landlord must be sent together with a summary of entitlements and obligations in respect of administration fees, without which the invoice is technically not due. Reality however dictates that you have no choice but to pay whatever is requested of you if you want to complete the sale of your home.
What are the common defects that you witness in leases for Washwood Heath properties?
Leasehold conveyancing in Washwood Heath is not unique. All leases is drafted differently and drafting errors can result in certain provisions are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the building
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
You may encounter 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. Birmingham Midshires, Chelsea Building Society, and Aldermore all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to pull out.
Washwood Heath Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to buying
Who takes charge for maintaining and repairing the building?
This question is useful as a) areas may result in problems for the building as the common areas may start to deteriorate if repairs remain unpaid b) if the leaseholders have an issue with the running of the building you will wish to know about it
Its a good idea to find out as much as possible about the company managing the building as they can either make your life much easier or problematic. Being a leasehold owner you will be in the clutches of the managing agents from a financial perspective and when it comes to daily matters such as the cleanliness of the communal areas. Ask prospective neighbours what they think of their service. On a final note, be sure you know the dates that the maintenance fees are due to the managing agents and specifically what it includes.