Chalfont St Giles leasehold conveyancing: Q and A’s
Due to sign contracts shortly on a garden flat in Chalfont St Giles. Conveyancing lawyers inform me that they report fully on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Chalfont St Giles should include some of the following:
- Does the lease prohibit wood flooring?
Estate agents have just been given the go-ahead to market my basement flat in Chalfont St Giles.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly service charge demand – what should I do?
The sensible thing to do is clear 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 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.
Back In 2004, I bought a leasehold house in Chalfont St Giles. Conveyancing and Birmingham Midshires mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1997. The conveyancing solicitor in Chalfont St Giles who acted for me is not around.What should I do?
The first thing you should do is contact the Land Registry to make sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Chalfont St Giles conveyancing solicitor to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am attracted to a couple of apartments in Chalfont St Giles which have approximately forty five years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Chalfont St Giles. The lease is a right to use the premises for a prescribed time frame. As a lease shortens the saleability of the lease reduces and results in it becoming more costly to extend the lease. For this reason it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this field
Can you provide any top tips for leasehold conveyancing in Chalfont St Giles with the aim of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Chalfont St Giles can be bypassed where you instruct lawyers as soon as your agents start advertising the property and ask them to collate the leasehold information which will be required by the buyers representatives.
- Many freeholders or managing agents in Chalfont St Giles levy fees for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Chalfont St Giles.
I own a 1st floor flat in Chalfont St Giles, conveyancing having been completed 2012. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Chalfont St Giles with over 90 years remaining are worth £175,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease runs out on 21st October 2076
With just 55 years left to run we estimate the premium for your lease extension to span between £27,600 and £31,800 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.