Questions and Answers: Westbury On Trym leasehold conveyancing
Due to sign contracts shortly on a garden flat in Westbury On Trym. Conveyancing solicitors assured me that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Westbury On Trym should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I am employed by a long established estate agency in Westbury On Trym where we have witnessed a number of flat sales derailed as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Westbury On Trym conveyancing solicitors. Could you shed some light as to whether the seller of a flat can instigate the lease extension process for the purchaser on completion of the sale?
Provided that 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. This means that the buyer 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 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.
What are your top tips when it comes to finding a Westbury On Trym conveyancing practice to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Westbury On Trym conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with two or three firms including non Westbury On Trym conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:
- If they are not ALEP accredited then what is the reason?
All being well we will complete the sale of our £200000 flat in Westbury On Trym on Thursday in a week. The landlords agents has quoted £408 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Westbury On Trym?
Westbury On Trym conveyancing on leasehold apartments normally involves the purchaser’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to answer these enquiries most will be content to assist. They may levy a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some cases it is above £800. The administration charge levied by the landlord must be accompanied by a summary of rights and obligations in respect of administration fees, without which the invoice is not strictly payable. Reality however dictates that one has little option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
What are the frequently found problems that you encounter in leases for Westbury On Trym properties?
There is nothing unique about leasehold conveyancing in Westbury On Trym. Most leases are individual and legal mistakes in the legal wording can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the premises
- 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 could have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, The Mortgage Works, and Platform Home Loans Ltd all have very detailed conveyancing instructions 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.
Westbury On Trym Conveyancing for Leasehold Flats - A selection of Queries Prior to Purchasing
Are any of leasehold owners in dispute over their service charge liability?
Plenty Westbury On Trym leasehold properties will incur a service bill for the upkeep of the block set by the freeholder. Should you purchase the property you will have to meet this liability, normally quarterly accross the year. This could differ from a few hundred pounds to thousands of pounds for blocks with lifts and large communal areas. In all likelihood there will be a ground rent to be met annual, ordinarily this is not a exorbitant amount, say around £25-£75 but you should to check it because sometimes it can be many hundreds of pounds.
What is the name of the managing agents?