Examples of recent questions relating to leasehold conveyancing in Colwyn Bay
Due to exchange soon on a studio apartment in Colwyn Bay. Conveyancing lawyers assured me that they are sending me a report next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Colwyn Bay should include some of the following:
- You should receive a copy of the lease
I am attracted to a couple of flats in Colwyn Bay which have in the region of forty five years remaining on the leases. Will this present a problem?
A lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the marketability of the lease decreases and results in it becoming more costly to extend the lease. For this reason it is advisable to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this field
What are your top tips when it comes to choosing a Colwyn Bay conveyancing firm to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Colwyn Bay conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Colwyn Bay conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- How experienced is the practice with lease extension legislation?
Can you provide any top tips for leasehold conveyancing in Colwyn Bay from the perspective of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Colwyn Bay can be bypassed where you instruct lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold documentation needed by the purchasers’ solicitors.
- The majority freeholders or Management Companies in Colwyn Bay levy fees for providing management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Colwyn Bay.
All being well we will complete our sale of a £250000 maisonette in Colwyn Bay in seven days. The freeholder has quoted £396 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Colwyn Bay?
Colwyn Bay conveyancing on leasehold flats more often than not requires the buyer’s solicitor sending enquiries for the landlord to answer. Although the landlord is not legally bound to address these enquiries most will be content to assist. They are at liberty invoice a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is £350, in some cases it is above £800. The management information fee required by the landlord must be sent together with a summary of entitlements and obligations in respect of administration fees, otherwise the charge is technically not due. In reality you have no choice but to pay whatever is requested of you should you wish to sell the property.
I acquired a basement flat in Colwyn Bay, conveyancing was carried out in 2005. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Colwyn Bay with a long lease are worth £240,000. The average or mid-range amount of ground rent is £50 per annum. The lease terminates on 21st October 2076
With 53 years remaining on your lease the likely cost is going to range between £30,400 and £35,200 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.