Sample questions relating to Crook leasehold conveyancing
Due to sign contracts shortly on a leasehold property in Crook. Conveyancing solicitors have said 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 Crook should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
I’m about to sell my ground floor apartment in Crook.Conveyancing has not commenced but I have just had a yearly maintenance charge demand – what should I do?
It best that you 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 managing agents 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 tempted by the attractive purchase price for a two flats in Crook which have in the region of forty five years remaining on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Crook is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the property. The majority of buyers and lenders, leases with less than 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Crook conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
What are your top tips when it comes to choosing a Crook conveyancing practice to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Crook conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Crook conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:
- If they are not ALEP accredited then what is the reason?
We expect to complete the sale of our £150000 apartment in Crook next Monday . The freeholder has quoted £360 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Crook?
Crook conveyancing on leasehold maisonettes normally involves the purchaser’s solicitor sending questions for the landlord to address. Although the landlord is not legally bound to respond to these enquiries the majority will be willing to assist. They are entitled charge a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some cases it is in excess of £800. The management information fee levied by the landlord must be accompanied by a summary of rights and obligations in relation to administration charges, otherwise the charge is technically not due. In reality one has no choice but to pay whatever is demanded if you want to complete the sale of your home.
I inherited a split level flat in Crook, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Crook with over 90 years remaining are worth £167,000. The ground rent is £60 charged once a year. The lease expires on 21st October 2102
With 79 years left to run the likely cost is going to be between £8,600 and £9,800 plus costs.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.