Frequently asked questions relating to Beaconsfield leasehold conveyancing
Planning to sign contracts shortly on a studio apartment in Beaconsfield. Conveyancing solicitors assured me that they are sending me a report next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Beaconsfield should include some of the following:
- The length of the lease term You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years
Back In 2006, I bought a leasehold house in Beaconsfield. Conveyancing and HSBC Bank mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Beaconsfield who previously acted has now retired.What should I do?
The first thing you should do is make enquiries of the Land Registry to be sure that this person is in fact the new freeholder. You do not need to instruct a Beaconsfield conveyancing lawyer to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I work for a long established estate agency in Beaconsfield where we see a few flat sales derailed as a result of short leases. I have been given conflicting advice from local Beaconsfield conveyancing firms. Can you confirm whether the owner of a flat can initiate the lease extension process for the buyer?
Provided that the seller has been the owner 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. The benefit of this is that the buyer need not have to wait 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.
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.
What advice can you give us when it comes to finding a Beaconsfield conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for lease extension works (regardless if they are a Beaconsfield conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Beaconsfield conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- If they are not ALEP accredited then what is the reason?
We expect to complete the sale of our £500000 maisonette in Beaconsfield on Wednesday in a week. The managing agents has quoted £396 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Beaconsfield?
Beaconsfield conveyancing on leasehold flats more often than not involves the purchaser’s solicitor submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to address these enquiries the majority will be willing to do so. They are at liberty charge a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some transactions it is in excess of £800. The management information fee invoiced by the landlord must be sent together with a summary of rights and obligations in relation to administration charges, otherwise the invoice is technically not due. Reality however dictates that you have no option but to pay whatever is requested of you if you want to complete the sale of your home.
Beaconsfield Leasehold Conveyancing - A selection of Questions you should ask before Purchasing
Does the lease have in excess of 85 years remaining?
What is the service charge and ground rent on the flat?
Most Beaconsfield leasehold properties will incur a service charge for the upkeep of the building set on behalf of the landlord. Should you purchase the property you will have to meet this amount, normally periodically accross the year. This can differ from a few hundred pounds to thousands of pounds for buildings with lifts and large common grounds. There will also be a rentcharge to be met annual, this is usually not a large figure, say around £25-£75 but you should to enquire it because occasionally it can be many hundreds of pounds.