Examples of recent questions relating to leasehold conveyancing in Dunstable
Having had my offer accepted I require leasehold conveyancing in Dunstable. Before I get started I would like to find out the number of years remaining on the lease.
If the lease is registered - and most are in Dunstable - 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.
Planning to sign contracts shortly on a studio apartment in Dunstable. Conveyancing lawyers inform me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Dunstable should include some of the following:
- How long the lease is You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years
I have just started marketing my garden apartment in Dunstable.Conveyancing lawyers have not yet been instructed but I have just received a yearly service charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should 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 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.
I am employed by a reputable estate agency in Dunstable where we have experienced a number of flat sales put at risk as a result of short leases. I have been given conflicting advice from local Dunstable conveyancing solicitors. Can you shed some light as to whether the seller of a flat can instigate the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 purchaser.
We expect to complete our sale of a £450000 maisonette in Dunstable on Thursday in a week. The landlords agents has quoted £312 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Dunstable?
Dunstable conveyancing on leasehold maisonettes more often than not necessitates the buyer’s lawyer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to address such questions most will be willing to do so. They are entitled levy a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some situations it is in excess of £800. The administration charge invoiced by the landlord must be accompanied by a summary of rights and obligations in respect of administration fees, without which the invoice is technically not due. In reality one has little option but to pay whatever is demanded if you want to complete the sale of your home.
I bought a 1 bedroom flat in Dunstable, conveyancing having been completed in 1996. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Dunstable with a long lease are worth £172,000. The average or mid-range amount of ground rent is £55 levied per year. The lease expires on 21st October 2074
With only 54 years left to run we estimate the price of your lease extension to be between £31,400 and £36,200 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use the figures 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 should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.