Top Five Questions relating to Dunmow leasehold conveyancing
Expecting to exchange soon on a studio apartment in Dunmow. Conveyancing solicitors have said that they are sending me a report within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Dunmow should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I have just appointed agents to market my basement apartment in Dunmow.Conveyancing lawyers have not yet been instructed but I have just had a yearly service charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should clear the service charge 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. Having a clear account will assist your cause and will leave you no worse off financially.
I am tempted by the attractive purchase price for a two maisonettes in Dunmow which have approximately forty five years left on the lease term. Do I need to be concerned?
There are plenty of short leases in Dunmow. The lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the value of the lease decreases and it becomes more costly to acquire a lease extension. This is why it is advisable to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this arena
We expect to complete the disposal of our £450000 maisonette in Dunmow on Friday in a week. The freeholder has quoted £396 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Dunmow?
For most leasehold sales in Dunmow conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing conveyancing due diligence enquiries
- Where consent is required before sale in Dunmow
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
In relation to leasehold conveyancing in Dunmow what are the most common lease problems?
There is nothing unique about leasehold conveyancing in Dunmow. Most leases is drafted differently and drafting errors can sometimes mean that certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the premises
- Insurance obligations
- 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
You may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Virgin Money, and Barclays Direct all have very detailed 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 provide security, obliging the buyer to withdraw.
I inherited a basement flat in Dunmow, conveyancing having been completed 2008. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Dunmow with a long lease are worth £230,000. The ground rent is £55 levied per year. The lease ceases on 21st October 2084
You have 63 years unexpired we estimate the premium for your lease extension to span between £16,200 and £18,600 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.