Recently asked questions relating to Booker leasehold conveyancing
Planning to sign contracts shortly on a leasehold property in Booker. Conveyancing lawyers have said 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 Booker should include some of the following:
- Do you need to have carpet in the flat or are you allowed wood flooring?
What advice can you give us when it comes to finding a Booker conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Booker conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Booker conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:
- If they are not ALEP accredited then what is the reason?
Do you have any top tips for leasehold conveyancing in Booker from the perspective of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Booker can be avoided if you appoint lawyers as soon as your agents start marketing the property and ask them to put together the leasehold information needed by the purchasers’ lawyers.
- If you have carried out any alterations to the property would they have required Landlord’s permission? In particular have you laid down wooden flooring? Booker leases often stipulate that internal structural alterations or installing wooden flooring calls for a licence issued by the Landlord acquiescing to such changes. Should you fail to have the paperwork in place you should not contact the landlord without checking with your lawyer first.
Completion in due on the disposal of our £475000 maisonette in Booker next week. The managing agents has quoted £360 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Booker?
Booker conveyancing on leasehold apartments often involves the purchaser’s solicitor sending enquiries for the landlord to address. Although the landlord is not legally bound to answer such questions most will be willing to assist. They are entitled levy a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some cases it exceeds £800. The management information fee required by the landlord must be sent together with a synopsis of rights and obligations in respect of administration charges, otherwise the charge is technically not due. Reality however dictates that one has little choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
When it comes to leasehold conveyancing in Booker what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Booker. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the property
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Chelsea Building Society, and Clydesdale all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the buyer to withdraw.
I inherited a ground floor flat in Booker, conveyancing formalities finalised in 2012. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Booker with over 90 years remaining are worth £262,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease finishes on 21st October 2083
You have 61 years unexpired we estimate the premium for your lease extension to be between £21,900 and £25,200 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.