Common questions relating to Easthampstead leasehold conveyancing
I've found a house that appears to be perfect, at a reasonable price which is making it more attractive. I have just been informed that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Easthampstead. Conveyancing advisers have not yet been instructed. Will they explain the issues?
The majority of houses in Easthampstead are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Easthampstead so you should seriously consider looking for a Easthampstead conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’spermission to conduct changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is located on an estate. Your conveyancer should appraise you on the various issues.
I am a negotiator for a long established estate agency in Easthampstead where we see a number of leasehold sales derailed due to leases having less than 80 years remaining. I have been given conflicting advice from local Easthampstead conveyancing solicitors. Could you clarify whether the vendor of a flat can instigate the lease extension process 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have 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.
Can you offer any advice when it comes to choosing a Easthampstead conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Easthampstead conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Easthampstead conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- How experienced is the firm with lease extension legislation?
Do you have any top tips for leasehold conveyancing in Easthampstead from the perspective of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Easthampstead can be reduced where you instruct lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information which will be required by the purchasers’ solicitors.
- Many freeholders or managing agents in Easthampstead levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Easthampstead.
If all goes to plan we aim to complete the disposal of our £200000 flat in Easthampstead in 10 days. The landlords agents has quoted £360 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Easthampstead?
For the majority of leasehold sales in Easthampstead conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering conveyancing due diligence enquiries
- Where consent is required before sale in Easthampstead
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I am the registered owner of a 1 bedroom flat in Easthampstead, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Easthampstead with over 90 years remaining are worth £234,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease comes to an end on 21st October 2092
With 71 years left to run the likely cost is going to range between £10,500 and £12,000 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.