Sample questions relating to Basildon leasehold conveyancing
I am in need of some leasehold conveyancing in Basildon. Before I get started I would like to find out the remaining lease term.
Assuming the lease is registered - and 99.9% 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.
I've found a house that appears to meet my requirements, at a great figure which is making it all the more appealing. I have since been informed that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in Basildon. Conveyancing advisers have not yet been instructed. Will they explain the issues?
Most houses in Basildon are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Basildon in which case you should be shopping around for a Basildon conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’sconsent to carry out alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your solicitor will advise you fully on all the issues.
I work for a long established estate agency in Basildon where we have witnessed a number of flat sales put at risk due to short leases. I have received inconsistent advice from local Basildon conveyancing firms. Can you clarify whether the seller of a flat can start 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible 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 purchaser.
Completion in due on the sale of our £375000 apartment in Basildon next week. The freeholder has quoted £348 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Basildon?
For most leasehold sales in Basildon conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing pre-exchange questions
- Where consent is required before sale in Basildon
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What makes a Basildon lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Basildon. All leases is drafted differently and drafting errors can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the premises
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You could 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. Barclays , Coventry Building Society, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to pull out.
I am the registered owner of a leasehold flat in Basildon, conveyancing was carried out 5 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Basildon with over 90 years remaining are worth £217,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease runs out on 21st October 2082
With only 60 years remaining on your lease we estimate the premium for your lease extension to be between £22,800 and £26,400 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should 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 clearly you 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.