Questions and Answers: Buckley leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Buckley. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.
If the lease is recorded at the land registry - and almost all are in Buckley - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Estate agents have just been given the go-ahead to market my garden flat in Buckley.Conveyancing has not commenced but I have just had a quarterly service charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is discharge 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 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. This will smooth the conveyancing process.
I've found a house that seems to tick a lot of boxes, at a great figure which is making it more attractive. I have just found out that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Buckley. Conveyancing advisers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Buckley ?
Most houses in Buckley are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Buckley in which case you should be shopping around for a Buckley conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’spermission to conduct changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the property is part of an estate. Your solicitor should appraise you on the various issues.
I've recently bought a leasehold house in Buckley. Do I have any liability for service charges relating to a period prior to completion of my purchase?
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. 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).
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £375000 apartment in Buckley in six days. The management company has quoted £408 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Buckley?
Buckley conveyancing on leasehold maisonettes normally involves the buyer’s solicitor sending questions for the landlord to address. Although the landlord is not legally bound to respond to such questions most will be willing to do so. They may charge a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some transactions it exceeds £800. The management information fee invoiced by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration fees, without which the invoice is not strictly payable. In reality you have no option but to pay whatever is demanded should you wish to sell the property.
I bought a garden flat in Buckley, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar flats in Buckley with an extended lease are worth £167,000. The ground rent is £50 charged once a year. The lease terminates on 21st October 2080
With only 54 years left to run we estimate the premium for your lease extension to span between £28,500 and £33,000 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 are not able to provide a more accurate figure without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.
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