Sample questions relating to East Dean leasehold conveyancing
I’m about to sell my basement apartment in East Dean.Conveyancing is yet to be initiated but I have just had a yearly maintenance charge invoice – Do I pay up?
The sensible thing to do is 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. This will smooth the conveyancing process.
Back In 2001, I bought a leasehold house in East Dean. Conveyancing and Alliance & Leicester mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in East Dean who acted for me is not around.Any advice?
First contact the Land Registry to make sure that this person is indeed the new freeholder. It is not necessary to instruct a East Dean conveyancing solicitor to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Last month I purchased a leasehold house in East Dean. Am I liable to pay service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Can you provide any top tips for leasehold conveyancing in East Dean with the intention of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in East Dean can be avoided if you get in touch lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation needed by the buyers lawyers.
- In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Most leases in East Dean state that internal structural alterations or installing wooden flooring require a licence issued by the Landlord consenting to such changes. Where you dont have the approvals in place you should not communicate with the landlord without contacting your solicitor before hand.
What are the frequently found problems that you witness in leases for East Dean properties?
There is nothing unique about leasehold conveyancing in East Dean. All leases are individual and legal mistakes in the legal wording can result in certain clauses are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the premises
- A duty to insure the building
- 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 could have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Virgin Money, and Bank of Ireland all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to withdraw.
I acquired a 2 bed flat in East Dean, conveyancing having been completed 7 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in East Dean with an extended lease are worth £265,000. The ground rent is £55 invoiced annually. The lease terminates on 21st October 2081
You have 59 years remaining on your lease we estimate the price of your lease extension to span between £22,800 and £26,400 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.