Writtle leasehold conveyancing: Q and A’s
I’m about to sell my basement flat in Writtle.Conveyancing is yet to be initiated but I have just received a yearly maintenance charge invoice – should I leave it to the buyer to sort out?
It best that you discharge the invoice 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 seems to be perfect, at a reasonable figure which is making it more attractive. I have subsequently found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Writtle. Conveyancing lawyers have are about to be appointed. Will they explain the issues?
Most houses in Writtle are freehold and not 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 purchasing in Writtle so you should seriously consider shopping around for a Writtle conveyancing solicitor and check 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 lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the house is part of an estate. Your lawyer will report to you on the legal implications.
I am employed by a reputable estate agent office in Writtle where we have experienced a number of flat sales derailed as a result of short leases. I have been given contradictory information from local Writtle conveyancing firms. Please can you confirm whether the vendor of a flat can initiate the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having 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 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 Writtle from the perspective of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Writtle can be bypassed where you instruct lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information needed by the purchasers’ conveyancers.
- If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example installed wooden flooring? Most leases in Writtle state that internal structural alterations or installing wooden flooring calls for a licence issued by the Landlord approving such alterations. If you dont have the approvals to hand do not contact the landlord without contacting your solicitor first.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £475000 flat in Writtle in just under a week. The managing agents has quoted £372 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Writtle?
Writtle conveyancing on leasehold apartments nine out of ten times results in fees being invoiced by landlords agents :
- Answering conveyancing due diligence enquiries
- Where consent is required before sale in Writtle
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Leasehold Conveyancing in Writtle - Sample of Queries before Purchasing
It is important to be aware whether a new roof is being put on or some other major work is coming up that will be shared between the leaseholders and could well dramatically impact the level of the service charges or require a one off payment.
The best form of lease structure is if the freehold interest is owned by the leaseholders. In this situation the leaseholders benefit from being in charge if their destiny and notwithstanding that a managing agent is usually retained where the building is bigger than a house conversion, the managing agent acts for the leaseholders themselves.
Does this lease have more than 85 years left?