Examples of recent questions relating to leasehold conveyancing in Blackwood
Planning to sign contracts shortly on a basement flat in Blackwood. Conveyancing solicitors assured me that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Blackwood should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I have just appointed agents to market my ground floor flat in Blackwood.Conveyancing solicitors are to be appointed soon but I have just received a half-yearly maintenance charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should clear 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. This will smooth the conveyancing process.
Back In 2000, I bought a leasehold house in Blackwood. Conveyancing and Bank of Scotland mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1991. The conveyancing solicitor in Blackwood who previously acted has long since retired.Any advice?
First make enquiries of HMLR to make sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Blackwood conveyancing firm to do this as you can do this on the Land Registry website for a few pound. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Last month I purchased a leasehold house in Blackwood. Am I liable to pay 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).
Do you have any top tips for leasehold conveyancing in Blackwood from the point of view of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Blackwood can be bypassed where you get in touch lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information needed by the purchasers’ representatives.
- Many landlords or Management Companies in Blackwood charge for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for on or before finding 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 frequent cause of delay in leasehold conveyancing in Blackwood.
I acquired a basement flat in Blackwood, conveyancing formalities finalised 9 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Blackwood with an extended lease are worth £232,000. The average or mid-range amount of ground rent is £50 per annum. The lease ceases on 21st October 2098
You have 78 years unexpired the likely cost is going to span between £11,400 and £13,200 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.