Sample questions relating to Christchurch leasehold conveyancing
Expecting to complete next month on a basement flat in Christchurch. Conveyancing solicitors inform me that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Christchurch should include some of the following:
- You should receive a copy of the lease
I have just appointed agents to market my basement apartment in Christchurch.Conveyancing has not commenced but I have just received a yearly service charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge 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. Having a clear account will assist your cause and will leave you no worse off financially.
What advice can you give us when it comes to finding a Christchurch conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Christchurch conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non Christchurch conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- What volume of lease extensions has the firm conducted in Christchurch in the last 12 months?
Can you provide any top tips for leasehold conveyancing in Christchurch from the point of view of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Christchurch can be reduced where you get in touch lawyers the minute your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the purchasers’ solicitors.
- If you have carried out any alterations to the residence would they have required Landlord’s approval? Have you, for example installed wooden flooring? Christchurch leases often stipulate that internal structural changes or laying down wooden flooring require a licence issued by the Landlord consenting to such works. Should you dont have the approvals in place do not contact the landlord without checking with your lawyer in advance.
When it comes to leasehold conveyancing in Christchurch what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Christchurch. All leases are individual and drafting errors can result in certain sections are missing. The following missing provisions could result in a defective lease:
- 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.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, The Mortgage Works, and Nottingham Building Society all have express requirements 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 grant the mortgage, obliging the buyer to withdraw.
I acquired a leasehold flat in Christchurch, conveyancing was carried out in 2002. Can you work out an approximate cost of a lease extension? Similar properties in Christchurch with a long lease are worth £240,000. The ground rent is £55 levied per year. The lease ends on 21st October 2094
With 73 years left to run the likely cost is going to be between £11,400 and £13,200 as well as costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.