Fixed-fee leasehold conveyancing in Cullercoats:

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When it comes to leasehold conveyancing in Cullercoats, you will need to instruct a conveyancing practitioner with leasehold experience. Whether your lender is to be Halifax, Birmingham Midshires or Nationwide make sure you find a lawyer on their panel. Feel free to use our search tool

Top Five Questions relating to Cullercoats leasehold conveyancing

I am on look out for some leasehold conveyancing in Cullercoats. Before diving in I want to be sure as to the remaining lease term.

Assuming the lease is registered - and almost all are in Cullercoats - then the leasehold title will always include the short particulars 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 am looking at a two apartments in Cullercoats both have about fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?

A lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the value of the lease deteriorate and results in it becoming more costly to acquire a lease extension. This is why it is advisable to increase the term of the lease. Sometimes 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 arena

Last month I purchased a leasehold property in Cullercoats. Do I have any liability for service charges for periods before my ownership?

Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Do you have any top tips for leasehold conveyancing in Cullercoats from the point of view of expediting the sale process?

  • Much of the delay in leasehold conveyancing in Cullercoats can be reduced if you instruct lawyers the minute you market your property and ask them to put together the leasehold documentation needed by the buyers solicitors.
  • The majority freeholders or managing agents in Cullercoats charge for providing management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Cullercoats.
  • In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Most leases in Cullercoats state that internal structural alterations or installing wooden flooring calls for a licence issued by the Landlord approving such works. If you dont have the consents to hand do not contact the landlord without checking with your solicitor first.
  • Some Cullercoats leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers.
  • You believe that you know the number of years left on your lease but you should verify this by asking your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the lease term is below 75 years. It is therefore important at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • We expect to complete the disposal of our £425000 maisonette in Cullercoats in just under a week. The freeholder has quoted £312 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Cullercoats?

    Cullercoats conveyancing on leasehold flats more often than not necessitates the buyer’s solicitor submitting questions for the landlord to answer. Although the landlord is under no legal obligation to answer these enquiries the majority will be willing to do so. They may charge a reasonable charge for answering questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The administration charge required by the landlord must be sent together with a summary of rights and obligations in respect of administration charges, otherwise the charge is not strictly payable. Reality however dictates that one has little choice but to pay whatever is requested of you should you wish to sell the property.

    I inherited a studio flat in Cullercoats, conveyancing having been completed 2010. How much will my lease extension cost? Similar flats in Cullercoats with over 90 years remaining are worth £242,000. The ground rent is £50 invoiced every year. The lease runs out on 21st October 2105

    With 79 years left to run the likely cost is going to be between £10,500 and £12,000 as well as professional fees.

    The figure above 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. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Cullercoats