Top Five Questions relating to Basildon leasehold conveyancing
I am on look out for some leasehold conveyancing in Basildon. Before I get started I require certainty as to the number of years remaining on the lease.
If the lease is registered - and most are in Basildon - 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.
Expecting to complete next month on a basement flat in Basildon. Conveyancing lawyers have said that they report fully on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Basildon should include some of the following:
- Are you allowed to have a pet in the flat?
Can you offer any advice when it comes to choosing a Basildon conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a property lawyer for your lease extension (regardless if they are a Basildon conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with two or three firms including non Basildon conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- How experienced is the firm with lease extension legislation?
We expect to complete our sale of a £325000 flat in Basildon on Tuesday in a week. The freeholder has quoted £396 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Basildon?
Basildon conveyancing on leasehold flats often necessitates the purchaser’s lawyer submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to respond to such questions the majority will be content to assist. They are at liberty invoice a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some transactions it is above £800. The administration charge invoiced by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration fees, without which the charge is technically not due. In reality one has no choice but to pay whatever is requested of you if you want to exchange contracts with the buyer.
When it comes to leasehold conveyancing in Basildon what are the most frequent lease problems?
Leasehold conveyancing in Basildon is not unique. All leases are unique and drafting errors can result in certain provisions are missing. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the building
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, The Royal Bank of Scotland, and Godiva Mortgages Ltd all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to withdraw.
I am the registered owner of a leasehold flat in Basildon, conveyancing formalities finalised in 2005. Can you work out an approximate cost of a lease extension? Similar properties in Basildon with over 90 years remaining are worth £213,000. The ground rent is £55 charged once a year. The lease comes to an end on 21st October 2091
With just 69 years remaining on your lease we estimate the price of your lease extension to be between £13,300 and £15,400 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.