Common questions relating to Botany Bay leasehold conveyancing
I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable figure which is making it more attractive. I have since discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Botany Bay. Conveyancing lawyers have not yet been appointed. Will they explain the issues?
Most houses in Botany Bay are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are buying in Botany Bay in which case you should be shopping around for a Botany Bay conveyancing solicitor and check that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. As a leaseholder 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’spermission to carry out alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your solicitor should advise you fully on all the issues.
Last month I purchased a leasehold property in Botany Bay. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous owner 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).
Do you have any top tips for leasehold conveyancing in Botany Bay with the aim of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Botany Bay can be bypassed if you get in touch lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information which will be required by the purchasers’ conveyancers.
- The majority landlords or managing agents in Botany Bay charge for providing management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Botany Bay.
Completion in due on the disposal of our £175000 flat in Botany Bay next week. The freeholder has quoted £420 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Botany Bay?
Botany Bay conveyancing on leasehold apartments typically results in administration charges invoiced by management companies :
- Answering conveyancing due diligence questions
- Where consent is required before sale in Botany Bay
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Following months of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Botany Bay. Can we issue an application to the Residential Property Tribunal Service?
Most certainly. We can put you in touch with a Botany Bay conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Botany Bay flat is 23 Beaconsfield Road in July 2013. The Tribunals decided that the amount payable was £31,203 for the freehold. This case related to 2 flats. The unexpired lease term was 70.31 years.
What are the frequently found deficiencies that you witness in leases for Botany Bay properties?
Leasehold conveyancing in Botany Bay is not unique. All leases are individual and legal mistakes in the legal wording can result in certain sections are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the property
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You will 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. National Westminster Bank, The Royal Bank of Scotland, and Bank of Ireland all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to pull out.