Fixed-fee leasehold conveyancing in Eaglescliffe:

When it comes to leasehold conveyancing in Eaglescliffe, you will need to appoint a conveyancing solicitor with leasehold experience. Whether your lender is to be Halifax, Birmingham Midshires or NatWest be sure to find a lawyer on their panel. Find a Eaglescliffe conveyancing lawyer with our search tool

Questions and Answers: Eaglescliffe leasehold conveyancing

I am on look out for some leasehold conveyancing in Eaglescliffe. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and most are in Eaglescliffe - 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 have just appointed agents to market my basement flat in Eaglescliffe.Conveyancing is yet to be initiated but I have just had a quarterly maintenance charge demand – what should I do?

The sensible thing to do is pay 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 management companies 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. This will smooth the conveyancing process.

I work for a busy estate agency in Eaglescliffe where we have experienced a few flat sales jeopardised due to short leases. I have received contradictory information from local Eaglescliffe conveyancing firms. Could you shed some light as to whether the owner of a flat can commence the lease extension formalities for the buyer?

As long as the seller has owned the lease 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. This means that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.

An alternative approach is 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.

Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £400000 maisonette in Eaglescliffe next Monday . The freeholder has quoted £300 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Eaglescliffe?

Eaglescliffe conveyancing on leasehold maisonettes more often than not requires the purchaser’s lawyer sending questions for the landlord to address. Although the landlord is not legally bound to respond to such questions most will be content to assist. They may invoice a reasonable charge for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some transactions it is above £800. The management information fee demanded by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration fees, otherwise the charge is technically not due. In reality you have little choice but to pay whatever is demanded should you wish to exchange contracts with the buyer.

What makes a Eaglescliffe lease defective?

Leasehold conveyancing in Eaglescliffe is not unique. Most leases are unique and drafting errors can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:

  • Repairing obligations to or maintain parts of the building
  • A duty to insure the building
  • A provision for the recovery of money spent for the benefit of another party.
  • Service charge per centages that don't add up correctly leaving a shortfall

You may have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Chelsea Building Society, and TSB all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to pull out.

I purchased a basement flat in Eaglescliffe, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Eaglescliffe with a long lease are worth £189,000. The average or mid-range amount of ground rent is £60 levied per year. The lease ends on 21st October 2091

You have 68 years unexpired we estimate the price of your lease extension to span between £11,400 and £13,200 as well as professional fees.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.

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Lease Extensions in Eaglescliffe