Recently asked questions relating to Easton leasehold conveyancing
Planning to sign contracts shortly on a studio apartment in Easton. Conveyancing solicitors assured me that they will have a report out to me within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Easton should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
I've found a house that appears to tick a lot of boxes, at a great price which is making it more attractive. I have since been informed that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Easton. Conveyancing advisers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Easton ?
The majority of houses in Easton are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are buying in Easton in which case you should be shopping around for a Easton conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’spermission to carry out changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the property is located on an estate. Your solicitor will report to you on the legal implications.
I've recently bought a leasehold house in Easton. Do I have any liability for service charges relating to a period prior to completion of my purchase?
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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element 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).
I am a negotiator for a reputable estate agent office in Easton where we see a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have been given inconsistent advice from local Easton conveyancing solicitors. Can you shed some light as to whether the seller of a flat can initiate the lease extension process 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, 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 purchaser.
Completion in due on the disposal of our £175000 garden flat in Easton next week. The managing agents has quoted £336 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Easton?
For the majority of leasehold sales in Easton conveyancing will involve, questions about 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 Easton
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I acquired a garden flat in Easton, conveyancing having been completed 10 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Easton with a long lease are worth £230,000. The average or mid-range amount of ground rent is £45 yearly. The lease comes to an end on 21st October 2081
With just 57 years left to run the likely cost is going to span between £24,700 and £28,600 plus legals.
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 comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously 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.