Questions and Answers: Driffield leasehold conveyancing
Expecting to exchange soon on a garden flat in Driffield. Conveyancing solicitors have said that they report fully next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Driffield should include some of the following:
- Do you need to have carpet in the flat or are you allowed wood flooring?
Estate agents have just been given the go-ahead to market my 2 bed flat in Driffield.Conveyancing is yet to be initiated but I have just had a half-yearly maintenance charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should 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 management companies 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.
Do you have any advice for leasehold conveyancing in Driffield from the perspective of expediting the sale process?
- Much of the delay in leasehold conveyancing in Driffield can be avoided where you instruct lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the buyers conveyancers.
- The majority landlords or Management Companies in Driffield charge for supplying management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Driffield.
We expect to complete the disposal of our £425000 maisonette in Driffield next Wednesday . The freeholder has quoted £372 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Driffield?
Driffield conveyancing on leasehold apartments more often than not requires the purchaser’s conveyancer submitting questions for the landlord to answer. Although the landlord is under no legal obligation to address such questions most will be willing to do so. They may levy a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some transactions it is in excess of £800. The administration charge required by the landlord must be accompanied by a summary of rights and obligations in respect of administration fees, without which the invoice is not strictly payable. In reality one has no choice but to pay whatever is requested of you should you wish to complete the sale of your home.
Are there frequently found defects that you witness in leases for Driffield properties?
There is nothing unique about leasehold conveyancing in Driffield. Most leases is drafted differently and legal mistakes in the legal wording can result in certain sections are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the premises
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
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. Yorkshire Building Society, The Royal Bank of Scotland, and Britannia all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the buyer to pull out.
I inherited a leasehold flat in Driffield, conveyancing was carried out 2008. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Driffield with over 90 years remaining are worth £255,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease expires on 21st October 2077
You have 54 years unexpired we estimate the price of your lease extension to be between £29,500 and £34,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on 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 additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.