Top Five Questions relating to Crabtree leasehold conveyancing
I am in need of some leasehold conveyancing in Crabtree. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.
If the lease is recorded at the land registry - and almost all are in Crabtree - 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.
Estate agents have just been given the go-ahead to market my garden apartment in Crabtree.Conveyancing has not commenced but I have just received a half-yearly maintenance charge demand – should I leave it to the buyer to sort out?
It best that you pay 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 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 attracted to a couple of flats in Crabtree which have approximately forty five years left on the leases. Will this present a problem?
A lease is a right to use the property for a period of time. As a lease shortens the saleability of the lease deteriorate and results in it becoming more costly to extend the lease. For this reason it is often a good idea to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this field
What are your top tips when it comes to appointing a Crabtree conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Crabtree conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with several firms including non Crabtree conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:
- How experienced is the firm with lease extension legislation?
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £450000 garden flat in Crabtree in 5 days. The managing agents has quoted £348 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Crabtree?
Crabtree conveyancing on leasehold apartments usually results in administration charges invoiced by freeholders :
- Answering conveyancing due diligence enquiries
- Where consent is required before sale in Crabtree
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I am the registered owner of a 2 bed flat in Crabtree, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Comparable properties in Crabtree with over 90 years remaining are worth £221,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease comes to an end on 21st October 2079
You have 58 years left to run we estimate the premium for your lease extension to be between £23,800 and £27,400 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.