Questions and Answers: Buckden leasehold conveyancing
I've found a house that appears to be perfect, at a great price which is making it more attractive. I have subsequently been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Buckden. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Buckden ?
Most houses in Buckden are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Buckden so you should seriously consider shopping around for a Buckden conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’spermission to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the communal areas where the property is part of an estate. Your solicitor should appraise you on the various issues.
I've recently bought a leasehold flat in Buckden. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee 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. A critical element 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 advice can you give us when it comes to appointing a Buckden conveyancing firm to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Buckden conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Buckden conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- What volume of lease extensions have they carried out in Buckden in the last twenty four months?
Completion in due on the disposal of our £325000 flat in Buckden in just under a week. The management company has quoted £324 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Buckden?
Buckden conveyancing on leasehold apartments ordinarily necessitates administration charges raised by managing agents :
- Addressing conveyancing due diligence questions
- Where consent is required before sale in Buckden
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What are the common problems that you come across in leases for Buckden properties?
Leasehold conveyancing in Buckden is not unique. Most leases is drafted differently and drafting errors can sometimes mean that certain clauses are missing. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the property
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You may have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Virgin Money, and Barclays Direct all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.
I acquired a garden flat in Buckden, conveyancing formalities finalised 1997. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Buckden with a long lease are worth £235,000. The average or mid-range amount of ground rent is £55 yearly. The lease ends on 21st October 2076
With just 51 years remaining on your lease we estimate the price of your lease extension to range between £40,900 and £47,200 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.
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