Common questions relating to Eaglescliffe leasehold conveyancing
I am hoping to complete next month on a ground floor flat in Eaglescliffe. Conveyancing solicitors assured me that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Eaglescliffe should include some of the following:
- The total extent of the premises. This will be the apartment itself but might incorporate a loft or cellar if applicable.
Estate agents have just been given the go-ahead to market my garden flat in Eaglescliffe.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly service charge demand – should I leave it to the buyer to sort out?
It best that you 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 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. This will smooth the conveyancing process.
I am hoping to put an offer on a small detached house that seems to be perfect, at a great figure which is making it more attractive. I have since been informed that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Eaglescliffe. Conveyancing advisers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Eaglescliffe ?
The majority of houses in Eaglescliffe are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Eaglescliffe so you should seriously consider shopping around for a Eaglescliffe conveyancing practitioner and be sure that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the estate where the property is part of an estate. Your lawyer will advise you fully on all the issues.
I am a negotiator for a busy estate agent office in Eaglescliffe where we have witnessed a number of leasehold sales put at risk as a result of short leases. I have received contradictory information from local Eaglescliffe conveyancing firms. Please can you shed some light as to whether the seller of a flat can start 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. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
An alternative approach is 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.
Can you offer any advice when it comes to finding a Eaglescliffe conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a Eaglescliffe conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Eaglescliffe conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- How familiar is the practice with lease extension legislation?
I acquired a 1st floor flat in Eaglescliffe, conveyancing was carried out in 2005. How much will my lease extension cost? Equivalent flats in Eaglescliffe with a long lease are worth £261,000. The ground rent is £45 charged once a year. The lease expires on 21st October 2076
You have 56 years left to run we estimate the price of your lease extension to be between £24,700 and £28,600 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.