Examples of recent questions relating to leasehold conveyancing in Colchester
Having had my offer accepted I require leasehold conveyancing in Colchester. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
If the lease is recorded at the land registry - and most are in Colchester - then the leasehold title will always include the basic details 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.
I have just appointed agents to market my garden apartment in Colchester.Conveyancing is yet to be initiated but I have just received a yearly service charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is discharge 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. This will smooth the conveyancing process.
I am hoping to put an offer on a small detached house that appears to be perfect, at a great price which is making it more attractive. I have just discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Colchester. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Colchester ?
The majority of houses in Colchester are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are buying in Colchester so you should seriously consider shopping around for a Colchester conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’sconsent to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is located on an estate. Your solicitor should appraise you on the various issues.
What are your top tips when it comes to appointing a Colchester conveyancing firm to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Colchester conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you speak with several firms including non Colchester conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:
- How familiar is the firm with lease extension legislation?
All being well we will complete the sale of our £425000 apartment in Colchester next Friday . The freeholder has quoted £360 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Colchester?
Colchester conveyancing on leasehold maisonettes often necessitates the buyer’s lawyer sending enquiries for the landlord to address. Although the landlord is not legally bound to answer such questions most will be willing to assist. They are at liberty invoice a reasonable charge for responding to enquiries 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 cases it exceeds £800. The management information fee demanded by the landlord must be sent together with a summary of entitlements and obligations in relation to administration charges, without which the invoice is not strictly payable. Reality however dictates that you have little option but to pay whatever is requested of you if you want to sell the property.
I inherited a 1 bedroom flat in Colchester, conveyancing having been completed 2004. Can you work out an approximate cost of a lease extension? Corresponding flats in Colchester with over 90 years remaining are worth £220,000. The average or mid-range amount of ground rent is £45 per annum. The lease runs out on 21st October 2081
You have 60 years unexpired the likely cost is going to span between £25,700 and £29,600 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.