Recently asked questions relating to Cheetham leasehold conveyancing
I am hoping to exchange soon on a basement flat in Cheetham. Conveyancing solicitors inform me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Cheetham should include some of the following:
- How long the lease is You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years
My wife and I purchased a leasehold house in Cheetham. Conveyancing and Britannia mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1998. The conveyancing solicitor in Cheetham who previously acted has long since retired.What should I do?
The first thing you should do is make enquiries of the Land Registry to be sure that this person is indeed the new freeholder. There is no need to instruct a Cheetham conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. 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.
Do you have any top tips for leasehold conveyancing in Cheetham with the aim of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Cheetham can be reduced if you instruct lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the buyers solicitors.
- A minority of Cheetham leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
Completion in due on our sale of a £175000 garden flat in Cheetham next week. The landlords agents has quoted £420 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Cheetham?
Cheetham conveyancing on leasehold apartments often requires the purchaser’s conveyancer sending questions for the landlord to address. Although the landlord is under no legal obligation to answer such questions most will be willing to do so. They may invoice a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some cases it exceeds £800. The management information fee demanded by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration fees, without which the invoice is not strictly payable. In reality you have little option but to pay whatever is requested of you should you wish to sell the property.
Are there common deficiencies that you come across in leases for Cheetham properties?
Leasehold conveyancing in Cheetham is not unique. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the property
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You may have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Barnsley Building Society, and TSB 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 does not cover certain provisions they may refuse to provide security, obliging the buyer to pull out.
I purchased a basement flat in Cheetham, conveyancing was carried out 1996. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Cheetham with a long lease are worth £176,000. The average or mid-range amount of ground rent is £45 yearly. The lease comes to an end on 21st October 2080
With only 57 years remaining on your lease we estimate the premium for your lease extension to be between £26,600 and £30,800 as well as 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 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 issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.