Questions and Answers: Acocks Green leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Acocks Green. Before diving in I want to be sure as to the remaining lease term.
If the lease is registered - and almost all are in Acocks Green - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
My partner and I may need to let out our Acocks Green basement flat temporarily due to taking a sabbatical. We used a Acocks Green conveyancing practice in 2004 but they have closed and we did not have the foresight to seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
The lease governs relations between the landlord and you the flat owner; specifically, it will indicate if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Acocks Green do not prevent strict prohibition on subletting – such a clause would adversely affect the market value the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.
I've recently bought a leasehold property in Acocks Green. 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 lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part 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).
Can you provide any top tips for leasehold conveyancing in Acocks Green with the purpose of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Acocks Green can be bypassed if you instruct lawyers as soon as your agents start marketing the property and ask them to put together the leasehold information which will be required by the purchasers’ representatives.
- Many landlords or managing agents in Acocks Green charge for supplying management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Acocks Green.
We expect to complete the disposal of our £400000 garden flat in Acocks Green next Monday . The management company has quoted £420 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Acocks Green?
Acocks Green conveyancing on leasehold flats more often than not necessitates the purchaser’s solicitor submitting questions for the landlord to answer. Although the landlord is not legally bound to respond to such questions most will be willing to assist. They may charge a reasonable administration fee for answering questions 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 above £800. The administration charge invoiced by the landlord must be sent together with a summary of rights and obligations in respect of administration fees, without which the invoice is not strictly payable. Reality however dictates that you have no choice but to pay whatever is demanded if you want to complete the sale of your home.
I inherited a leasehold flat in Acocks Green, conveyancing having been completed in 2005. How much will my lease extension cost? Equivalent properties in Acocks Green with a long lease are worth £225,000. The ground rent is £45 invoiced every year. The lease finishes on 21st October 2092
With just 69 years remaining on your lease the likely cost is going to range between £13,300 and £15,400 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.