Buckden leasehold conveyancing: Q and A’s
Due to exchange soon on a studio apartment in Buckden. Conveyancing lawyers have said that they will have a report out to me tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Buckden should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
Estate agents have just been given the go-ahead to market my ground floor apartment in Buckden.Conveyancing is yet to be initiated but I have just had a quarterly service charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should discharge the invoice 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 management companies will not acknowledge the buyer until 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.
I am employed by a reputable estate agency in Buckden where we have experienced a number of flat sales derailed as a result of short leases. I have been given contradictory information from local Buckden conveyancing firms. Could you clarify whether the owner of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Can you offer any advice when it comes to appointing a Buckden conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Buckden conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Buckden conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:
- How experienced is the firm with lease extension legislation?
Can you provide any advice for leasehold conveyancing in Buckden with the aim of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Buckden can be bypassed if you get in touch lawyers the minute your agents start advertising the property and request that they start to put together the leasehold information which will be required by the purchasers’ conveyancers.
- In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Most leases in Buckden state that internal structural changes or installing wooden flooring require a licence from the Landlord consenting to such alterations. If you dont have the paperwork to hand do not contact the landlord without contacting your solicitor before hand.
I acquired a leasehold flat in Buckden, conveyancing having been completed 1999. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Buckden with a long lease are worth £251,000. The ground rent is £55 invoiced annually. The lease runs out on 21st October 2077
With just 54 years unexpired we estimate the price of your lease extension to range between £27,600 and £31,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.