Sample questions relating to Wells Next The Sea leasehold conveyancing
I have just started marketing my ground floor flat in Wells Next The Sea.Conveyancing has not commenced but I have just had a half-yearly service charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is discharge 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 today plan to offer on a house that appears to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have subsequently found out that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Wells Next The Sea. Conveyancing advisers have are about to be instructed. Will they explain the issues?
Most houses in Wells Next The Sea are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are buying in Wells Next The Sea so you should seriously consider looking for a Wells Next The Sea conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the maintenance of the communal areas where the property is located on an estate. Your solicitor should appraise you on the various issues.
I've recently bought a leasehold house in Wells Next The Sea. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation 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. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure 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).
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £350000 maisonette in Wells Next The Sea in just under a week. The freeholder has quoted £348 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Wells Next The Sea?
Wells Next The Sea conveyancing on leasehold maisonettes typically necessitates fees being levied by managing agents :
- Addressing pre-exchange enquiries
- Where consent is required before sale in Wells Next The Sea
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What are the common problems that you witness in leases for Wells Next The Sea properties?
Leasehold conveyancing in Wells Next The Sea is not unique. All leases are unique and drafting errors can sometimes mean that certain clauses are not included. 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
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Barnsley Building Society, and Nottingham Building Society 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 defective they may refuse to grant the mortgage, forcing the buyer to withdraw.
Wells Next The Sea Leasehold Conveyancing - Sample of Questions you should consider Prior to buying
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What is the the remaining lease term?
It would be sensible to find out as much as possible regarding the managing agents as they can either make your life much easier or problematic. As the owner of a leasehold property you will be in the clutches of the managing agents both financially and when it comes to daily issues such as the tidiness of the communal areas. Ask prospective neighbours whether they are happy with their management. Finally, investigate as to the dates that you are obliged pay the maintenance charge to the managing agents and specifically what you get for your money.
What is the annual service fee and ground rent?
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