Examples of recent questions relating to leasehold conveyancing in Beckermet
I’m about to sell my basement flat in Beckermet.Conveyancing solicitors are to be appointed soon but I have just received a half-yearly maintenance charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should discharge 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 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. Having a clear account will assist your cause and will leave you no worse off financially.
Back In 2000, I bought a leasehold flat in Beckermet. Conveyancing and Coventry Building Society mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1996. The conveyancing solicitor in Beckermet who previously acted has now retired.Do I pay?
The first thing you should do is make enquiries of HMLR to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Beckermet conveyancing firm to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, 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 looking at a couple of apartments in Beckermet both have approximately fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Beckermet. The lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the saleability of the lease decreases and results in it becoming more expensive to extend the lease. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this arena
I work for a reputable estate agent office in Beckermet where we see a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have received contradictory information from local Beckermet conveyancing firms. Can you clarify whether the vendor of a flat can commence the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner 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 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 has to be done prior to, or at the same time as completion of the disposal of the property.
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 buyer.
Can you provide any top tips for leasehold conveyancing in Beckermet with the aim of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Beckermet can be avoided if you get in touch lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the buyers representatives.
- Many landlords or managing agents in Beckermet charge for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Beckermet.
I inherited a garden flat in Beckermet, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Equivalent properties in Beckermet with over 90 years remaining are worth £267,000. The ground rent is £45 charged once a year. The lease ceases on 21st October 2101
With 78 years unexpired the likely cost is going to be between £9,500 and £11,000 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.