Recently asked questions relating to Dore leasehold conveyancing
Estate agents have just been given the go-ahead to market my ground floor flat in Dore.Conveyancing is yet to be initiated but I have just received a yearly service charge demand – Do I pay up?
The sensible thing to do is 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 managing agents will not acknowledge the buyer unless 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. Having a clear account will assist your cause and will leave you no worse off financially.
I've found a house that seems to be perfect, at a great price which is making it all the more appealing. I have subsequently been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Dore. Conveyancing advisers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Dore ?
Most houses in Dore are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Dore so you should seriously consider looking for a Dore conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’sconsent to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your lawyer should appraise you on the various issues.
I am a negotiator for a long established estate agency in Dore where we see a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Dore conveyancing firms. Could you clarify whether the vendor of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
If all goes to plan we aim to complete the disposal of our £250000 apartment in Dore on Thursday in a week. The freeholder has quoted £336 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Dore?
For the majority of leasehold sales in Dore conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing conveyancing due diligence questions
- Where consent is required before sale in Dore
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Are there common problems that you encounter in leases for Dore properties?
There is nothing unique about leasehold conveyancing in Dore. Most leases are individual and drafting errors can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the property
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Norwich and Peterborough Building Society, and Barclays Direct all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to withdraw.
I own a 1 bedroom flat in Dore, conveyancing formalities finalised 6 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Dore with an extended lease are worth £249,000. The average or mid-range amount of ground rent is £55 levied per year. The lease ceases on 21st October 2098
You have 73 years remaining on your lease we estimate the premium for your lease extension to range between £12,400 and £14,200 plus legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.
Other Topics