Common questions relating to Alvaston leasehold conveyancing
I’m about to sell my ground floor apartment in Alvaston.Conveyancing solicitors are to be appointed soon but I have just received a quarterly service charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should discharge the service charge 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 management companies 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. This will smooth the conveyancing process.
I've found a house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have subsequently found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Alvaston. Conveyancing solicitors have not yet been instructed. Will they explain the issues?
The majority of houses in Alvaston are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Alvaston so you should seriously consider looking for a Alvaston conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your conveyancer should report to you on the legal implications.
My wife and I purchased a leasehold house in Alvaston. Conveyancing and The Royal Bank of Scotland mortgage organised. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1996. The conveyancing solicitor in Alvaston who acted for me is not around.Do I pay?
First make enquiries of the Land Registry to make sure that the individual purporting to own the freehold is indeed the new freeholder. It is not necessary to instruct a Alvaston conveyancing firm to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I work for a reputable estate agent office in Alvaston where we see a few flat sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Alvaston conveyancing firms. Could you shed some light as to whether the vendor of a flat can instigate the lease extension process for the buyer?
As long as the seller has been the owner 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 need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
An alternative approach is 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.
Can you provide any top tips for leasehold conveyancing in Alvaston from the perspective of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Alvaston can be avoided if you instruct lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold documentation which will be required by the buyers conveyancers.
- In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Alvaston leases often stipulate that internal structural alterations or laying down wooden flooring necessitate a licence issued by the Landlord acquiescing to such works. If you fail to have the approvals in place do not contact the landlord without checking with your lawyer before hand.
I invested in buying a garden flat in Alvaston, conveyancing having been completed 2010. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Alvaston with a long lease are worth £257,000. The ground rent is £50 invoiced annually. The lease expires on 21st October 2086
With only 66 years left to run the likely cost is going to range between £13,300 and £15,400 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.