Common questions relating to Billericay leasehold conveyancing
I am on look out for some leasehold conveyancing in Billericay. Before diving in I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and 99.9% are in Billericay - then the leasehold title will always include the short particulars 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 intending to rent out my leasehold apartment in Billericay. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
The lease dictates the relationship between the landlord and you the leaseholder; specifically, it will set out if subletting is banned, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Billericay do not prevent subletting altogether – such a provision would adversely affect the market value the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.
I’m about to sell my basement apartment in Billericay.Conveyancing solicitors are to be appointed soon but I have just received a quarterly maintenance charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should pay 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 unless 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.
Last month I purchased a leasehold house in Billericay. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part 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).
What are your top tips when it comes to choosing a Billericay conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Billericay conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non Billericay conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- How experienced is the firm with lease extension legislation?
I own a leasehold flat in Billericay, conveyancing formalities finalised half a dozen years ago. 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 flats in Billericay with an extended lease are worth £206,000. The ground rent is £65 levied per year. The lease runs out on 21st October 2075
With only 53 years left to run we estimate the premium for your lease extension to range between £30,400 and £35,200 plus 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 a more accurate figure without more detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.