Birkenhead leasehold conveyancing: Q and A’s
Due to complete next month on a ground floor flat in Birkenhead. Conveyancing solicitors assured me that they are sending me a report on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Birkenhead should include some of the following:
- How long the lease is You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
I've found a house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have since discovered that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Birkenhead. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?
The majority of houses in Birkenhead are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Birkenhead so you should seriously consider looking for a Birkenhead conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your solicitor should report to you on the legal implications.
I am tempted by the attractive purchase price for a two maisonettes in Birkenhead both have in the region of fifty years left on the lease term. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the marketability of the lease decreases and results in it becoming more expensive to extend the lease. This is why it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this arena
Do you have any top tips for leasehold conveyancing in Birkenhead with the intention of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Birkenhead can be avoided if you appoint lawyers as soon as your agents start marketing the property and ask them to collate the leasehold documentation which will be required by the buyers solicitors.
- The majority landlords or Management Companies in Birkenhead levy fees for supplying management packs for a leasehold homes. You or your lawyers should enquire as to 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 receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Birkenhead.
Completion in due on our sale of a £175000 garden flat in Birkenhead in just under a week. The landlords agents has quoted £420 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Birkenhead?
Birkenhead conveyancing on leasehold maisonettes often requires the buyer’s lawyer submitting questions for the landlord to address. Although the landlord is not legally bound to address these enquiries most will be content to do so. They are at liberty charge a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is £350, in some situations it exceeds £800. The management information fee levied by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration charges, otherwise the charge is not strictly payable. Reality however dictates that you have little option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
I own a basement flat in Birkenhead, conveyancing was carried out in 2001. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Birkenhead with over 90 years remaining are worth £212,000. The ground rent is £55 invoiced annually. The lease ends on 21st October 2073
You have 53 years unexpired we estimate the price of your lease extension to span between £31,400 and £36,200 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.