Top Five Questions relating to East Dean leasehold conveyancing
I am hoping to sign contracts shortly on a ground floor flat in East Dean. Conveyancing solicitors inform me that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in East Dean 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 started marketing my ground floor flat in East Dean.Conveyancing solicitors are to be appointed soon but I have just received a half-yearly service charge invoice – what should I do?
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 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.
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. It is an essential part of leasehold conveyancing for your conveyancer to be sure 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).
What are your top tips when it comes to choosing a East Dean conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a East Dean conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you talk with several firms including non East Dean conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- How experienced is the practice with lease extension legislation?
Can you provide any advice for leasehold conveyancing in East Dean from the perspective of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in East Dean can be bypassed where you instruct lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the buyers lawyers.
- If you have carried out any alterations to the property would they have required Landlord’s approval? In particular have you laid down wooden flooring? East Dean leases often stipulate that internal structural changes or laying down wooden flooring calls for a licence from the Landlord approving such works. If you fail to have the paperwork in place you should not contact the landlord without contacting your lawyer in the first instance.
I inherited a leasehold flat in East Dean, conveyancing formalities finalised 1996. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in East Dean with an extended lease are worth £231,000. The average or mid-range amount of ground rent is £50 levied per year. The lease finishes on 21st October 2100
With only 79 years left to run the likely cost is going to be between £8,600 and £9,800 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.