Examples of recent questions relating to leasehold conveyancing in Burnham
I today plan to offer on a house that seems to be perfect, at a reasonable price which is making it all the more appealing. I have just been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Burnham. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
Most houses in Burnham are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Burnham in which case you should be shopping around for a Burnham conveyancing solicitor and be sure 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 entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is located on an estate. Your lawyer should appraise you on the various issues.
My wife and I purchased a leasehold flat in Burnham. Conveyancing and Leeds Building Society mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1995. The conveyancing practitioner in Burnham who acted for me is not around.What should I do?
First make enquiries of HMLR to be sure that the individual purporting to own the freehold is in fact the new freeholder. There is no need to incur the fees of a Burnham conveyancing firm to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am employed by a reputable estate agency in Burnham where we have witnessed a few flat sales derailed due to short leases. I have received conflicting advice from local Burnham conveyancing solicitors. Please can you clarify whether the owner of a flat can initiate the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having 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.
Alternatively, it may be possible 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 buyer.
All being well we will complete the sale of our £475000 maisonette in Burnham next Thursday . The managing agents has quoted £420 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Burnham?
Burnham conveyancing on leasehold maisonettes more often than not involves the purchaser’s solicitor submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to address these enquiries most will be content to do so. They are entitled charge a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is £350, in some situations it is above £800. The management information fee demanded by the landlord must be sent together with a summary of rights and obligations in relation to administration charges, otherwise the charge is not strictly payable. Reality however dictates that one has no choice but to pay whatever is demanded if you want to complete the sale of your home.
What makes a Burnham lease unacceptable for security purposes?
Leasehold conveyancing in Burnham is not unique. All leases is drafted differently and drafting errors can sometimes mean that certain provisions are wrong. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the building
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
You will encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Norwich and Peterborough Building Society, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the buyer to withdraw.
I inherited a studio flat in Burnham, conveyancing was carried out 10 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Burnham with a long lease are worth £200,000. The ground rent is £65 invoiced annually. The lease ceases on 21st October 2072
With only 51 years remaining on your lease we estimate the price of your lease extension to range between £35,200 and £40,600 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account 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.