Recently asked questions relating to Caddington leasehold conveyancing
I am on look out for some leasehold conveyancing in Caddington. Before I get started I would like to find out the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and most are in Caddington - 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.
Harry (my fiance) and I may need to rent out our Caddington garden flat temporarily due to a new job. We instructed a Caddington conveyancing practice in 2001 but they have since shut and we did not think at the time get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Some leases for properties in Caddington do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I have just appointed agents to market my garden apartment in Caddington.Conveyancing solicitors are to be appointed soon but I have just received a half-yearly service charge invoice – should I leave it to the buyer to sort out?
It best that you pay 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 unless 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.
Can you provide any advice for leasehold conveyancing in Caddington from the perspective of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Caddington can be reduced if you instruct lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold information needed by the purchasers’ solicitors.
- The majority freeholders or Management Companies in Caddington charge for supplying management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management information sought on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Caddington.
If all goes to plan we aim to complete the sale of our £450000 flat in Caddington in nine days. The management company has quoted £408 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Caddington?
Caddington conveyancing on leasehold apartments normally requires the purchaser’s lawyer submitting questions for the landlord to address. Although the landlord is under no legal obligation to address such questions most will be willing to assist. They are at liberty charge a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The administration charge invoiced by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration fees, otherwise the charge is not strictly payable. Reality however dictates that you have little option but to pay whatever is demanded if you want to complete the sale of your home.
I bought a 1st floor flat in Caddington, conveyancing formalities finalised 2002. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Caddington with a long lease are worth £180,000. The average or mid-range amount of ground rent is £55 yearly. The lease ceases on 21st October 2097
With 76 years left to run we estimate the premium for your lease extension to range between £12,400 and £14,200 as well as legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.