Common questions relating to Crowborough leasehold conveyancing
Due to complete next month on a leasehold property in Crowborough. Conveyancing solicitors inform me 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 Crowborough should include some of the following:
- You should be sent a copy of the lease
I am looking at a two maisonettes in Crowborough both have approximately 50 years unexpired 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 gets shorter the value of the lease deteriorate and it becomes more costly to extend the lease. For this reason it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this field
Do you have any advice for leasehold conveyancing in Crowborough from the perspective of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Crowborough can be avoided if you appoint lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation needed by the buyers solicitors.
- The majority landlords or managing agents in Crowborough charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Crowborough.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £400000 garden flat in Crowborough in just under a week. The management company has quoted £336 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Crowborough?
Crowborough conveyancing on leasehold maisonettes normally involves the buyer’s lawyer sending enquiries for the landlord to answer. Although the landlord is not legally bound to answer such questions the majority will be willing to do so. They are at liberty invoice a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some transactions it is above £800. The management information fee required by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration charges, without which the charge is technically not due. Reality however dictates that you have no option but to pay whatever is requested of you if you want to sell the property.
What are the common problems that you witness in leases for Crowborough properties?
Leasehold conveyancing in Crowborough is not unique. All leases are unique and legal mistakes in the legal wording can result in certain clauses are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the property
- 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 as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Leeds Building Society, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the buyer to withdraw.
I purchased a split level flat in Crowborough, conveyancing formalities finalised in 2011. Can you work out an approximate cost of a lease extension? Corresponding properties in Crowborough with a long lease are worth £214,000. The average or mid-range amount of ground rent is £65 yearly. The lease finishes on 21st October 2082
You have 62 years unexpired we estimate the price of your lease extension to range between £20,000 and £23,000 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.