Experts for Leasehold Conveyancing in Allestree

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Allestree leasehold conveyancing: Q and A’s

I have just started marketing my 2 bed apartment in Allestree.Conveyancing has not commenced but I have just received a yearly maintenance charge demand – what should I do?

Your conveyancing lawyer is likely to suggest that you should clear 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 unless 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.

My wife and I purchased a leasehold house in Allestree. Conveyancing and Nottingham Building Society mortgage organised. A letter has just been received from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1996. The conveyancing solicitor in Allestree who acted for me is not around.Do I pay?

First make enquiries of HMLR to be sure that this person is in fact the new freeholder. You do not need to incur the fees of a Allestree conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am attracted to a couple of flats in Allestree both have in the region of fifty years remaining on the leases. Will this present a problem?

There are plenty of short leases in Allestree. The lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the value of the lease reduces and it becomes more costly to acquire a lease extension. This is why it is generally wise to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this arena

Do you have any advice for leasehold conveyancing in Allestree from the point of view of saving time on the sale process?

  • Much of the frustration in leasehold conveyancing in Allestree can be reduced if you appoint lawyers the minute you market your property and request that they start to collate the leasehold information which will be required by the buyers lawyers.
  • In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Most leases in Allestree state that internal structural alterations or laying down wooden flooring calls for a licence from the Landlord consenting to such works. If you fail to have the consents in place do not communicate with the landlord without contacting your conveyancer in the first instance.
  • Some Allestree leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
  • If you have had conflict with your landlord or managing agents it is very important that these are resolved before the property is marketed. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as historic rather than unsettled.
  • If you hold a share in a the freehold, you should make sure that you are holding the original share document. Obtaining a duplicate share certificate is often a lengthy formality and delays many a Allestree conveyancing transaction. Where a new share is needed, you should approach the company officers or managing agents (if applicable) for this at the earliest opportunity.

    • What makes a Allestree lease unacceptable for security purposes?

    Leasehold conveyancing in Allestree is not unique. All leases are unique and drafting errors can sometimes mean that certain clauses are erroneous. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements of the premises
    • 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

    You may have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Bank of Scotland, and Aldermore 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 does not cover certain provisions they may refuse to provide security, obliging the purchaser to pull out.

    I invested in buying a 1 bedroom flat in Allestree, conveyancing formalities finalised 6 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Allestree with a long lease are worth £232,000. The average or mid-range amount of ground rent is £65 yearly. The lease terminates on 21st October 2098

    With just 75 years left to run the likely cost is going to be between £10,500 and £12,000 plus professional fees.

    The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Allestree