Frequently asked questions relating to Bexhill leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Bexhill. Before I get started I want to be sure as to the number of years remaining on the lease.
If the lease is registered - and almost all are in Bexhill - 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 am hoping to put an offer on a small detached house that seems to meet my requirements, at a great figure which is making it all the more appealing. I have subsequently found out that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Bexhill. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Bexhill ?
Most houses in Bexhill are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Bexhill in which case you should be shopping around for a Bexhill conveyancing solicitor and check 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 at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’spermission to conduct changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer should appraise you on the various issues.
I've recently bought a leasehold house in Bexhill. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Can you provide any top tips for leasehold conveyancing in Bexhill from the perspective of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Bexhill can be reduced if you instruct lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold information needed by the buyers conveyancers.
- Many freeholders or managing agents in Bexhill levy fees for providing management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Bexhill.
We expect to complete the disposal of our £450000 garden flat in Bexhill next week. The freeholder has quoted £300 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Bexhill?
Bexhill conveyancing on leasehold flats nine out of ten times involves administration charges levied by management companies :
- Answering conveyancing due diligence questions
- Where consent is required before sale in Bexhill
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I am the registered owner of a 2 bed flat in Bexhill, conveyancing was carried out 2001. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Bexhill with over 90 years remaining are worth £195,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease ends on 21st October 2076
With only 56 years unexpired we estimate the price of your lease extension to be between £30,400 and £35,200 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.