Balsall Heath leasehold conveyancing: Q and A’s
Looking forward to sign contracts shortly on a basement flat in Balsall Heath. Conveyancing lawyers assured me that they are sending me a report within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Balsall Heath should include some of the following:
- You should be sent a copy of the lease
I have just appointed agents to market my basement apartment in Balsall Heath.Conveyancing lawyers have not yet been instructed but I have just had a yearly maintenance charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should pay 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. Having a clear account will assist your cause and will leave you no worse off financially.
I own a leasehold house in Balsall Heath. Conveyancing and Lloyds TSB Bank mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1995. The conveyancing practitioner in Balsall Heath who previously acted has long since retired.What should I do?
The first thing you should do is contact HMLR to make sure that this person is in fact the new freeholder. There is no need to incur the fees of a Balsall Heath conveyancing lawyer 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 am employed by a reputable estate agency in Balsall Heath where we have experienced a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given conflicting advice from local Balsall Heath conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
An alternative approach is to agree the lease extension with the freeholder 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 purchaser.
Completion in due on our sale of a £225000 apartment in Balsall Heath in just under a week. The managing agents has quoted £420 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Balsall Heath?
Balsall Heath conveyancing on leasehold flats more often than not involves the buyer’s lawyer submitting questions for the landlord to address. Although the landlord is under no legal obligation to respond to these enquiries the majority will be content to assist. They may charge a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The management information fee demanded by the landlord must be accompanied by a summary of rights and obligations in respect of administration fees, without which the invoice is technically not due. Reality however dictates that one has no option but to pay whatever is requested of you if you want to sell the property.
I inherited a ground floor flat in Balsall Heath, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Balsall Heath with over 90 years remaining are worth £240,000. The average or mid-range amount of ground rent is £50 per annum. The lease comes to an end on 21st October 2084
With only 58 years remaining on your lease we estimate the price of your lease extension to range between £21,900 and £25,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is 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 the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.
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