Top Five Questions relating to Claydon leasehold conveyancing
There are only Seventy years left on my flat in Claydon. I now wish to get lease extension but my freeholder is missing. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. However, you will be required to prove that you or your lawyers have made all reasonable attempts to track down the freeholder. For most situations a specialist should be useful to try and locate and to produce an expert document which can be accepted by the court as proof that the landlord is indeed missing. It is advisable to get professional help from a property lawyer both on devolving into the landlord’s absence and the vesting order request to the County Court overseeing Claydon.
Last month I purchased a leasehold flat in Claydon. Am I liable to pay service charges for periods before my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Do you have any top tips for leasehold conveyancing in Claydon from the perspective of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Claydon can be bypassed where you appoint lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ representatives.
- The majority freeholders or Management Companies in Claydon charge for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Claydon.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £125000 maisonette in Claydon in just under a week. The landlords agents has quoted £396 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Claydon?
Claydon conveyancing on leasehold maisonettes often involves the purchaser’s solicitor sending questions for the landlord to answer. Although the landlord is not legally bound to address such questions the majority will be willing to assist. They may invoice a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The administration charge demanded by the landlord must be sent together with a synopsis of rights and obligations in relation to administration fees, without which the charge is not strictly payable. In reality one has no choice but to pay whatever is demanded should you wish to sell the property.
Are there frequently found defects that you witness in leases for Claydon properties?
Leasehold conveyancing in Claydon is not unique. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the premises
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- 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. Yorkshire Building Society, Skipton Building Society, and Aldermore all have express 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 purchaser to pull out.
I own a 1st floor flat in Claydon, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Claydon with over 90 years remaining are worth £246,000. The ground rent is £60 levied per year. The lease finishes on 21st October 2105
With only 80 years left to run the likely cost is going to be between £8,600 and £9,800 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.
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