Audlem leasehold conveyancing Example Support Desk Enquiries
Having had my offer accepted I require leasehold conveyancing in Audlem. Before I get started I want to be sure as to the remaining lease term.
Assuming the lease is recorded at the land registry - and almost all are in Audlem - then the leasehold title will always include the basic details 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.
Estate agents have just been given the go-ahead to market my 2 bed flat in Audlem.Conveyancing has not commenced but I have just had a half-yearly maintenance charge invoice – Do I pay up?
It best that you pay 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. This will smooth the conveyancing process.
I work for a busy estate agency in Audlem where we have experienced a few leasehold sales put at risk due to short leases. I have received conflicting advice from local Audlem conveyancing solicitors. Can you confirm whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?
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 need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as 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.
What are your top tips when it comes to appointing a Audlem conveyancing firm to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Audlem conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Audlem conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:
- How experienced is the practice with lease extension legislation?
Can you provide any top tips for leasehold conveyancing in Audlem with the purpose of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Audlem can be reduced if you instruct lawyers the minute you market your property and request that they start to collate the leasehold information which will be required by the purchasers’ solicitors.
- The majority landlords or Management Companies in Audlem levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Audlem.
I own a 2 bed flat in Audlem, conveyancing was carried out in 2012. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Audlem with over 90 years remaining are worth £215,000. The ground rent is £65 levied per year. The lease runs out on 21st October 2083
With 61 years left to run we estimate the premium for your lease extension to range between £20,900 and £24,200 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.