Common questions relating to Eaton Bray leasehold conveyancing
Expecting to complete next month on a basement flat in Eaton Bray. Conveyancing solicitors have said that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Eaton Bray should include some of the following:
- You should be sent a copy of the lease
I've recently bought a leasehold property in Eaton Bray. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner 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).
Can you offer any advice when it comes to choosing a Eaton Bray conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Eaton Bray conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Eaton Bray conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:
- What volume of lease extensions have they conducted in Eaton Bray in the last twenty four months?
Do you have any advice for leasehold conveyancing in Eaton Bray with the purpose of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Eaton Bray can be bypassed if you instruct lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold information needed by the buyers conveyancers.
- If you have carried out any alterations to the residence would they have required Landlord’s permission? Have you, for example installed wooden flooring? Most leases in Eaton Bray state that internal structural alterations or installing wooden flooring necessitate a licence issued by the Landlord acquiescing to such alterations. If you dont have the approvals in place you should not contact the landlord without checking with your conveyancer first.
Are there common defects that you encounter in leases for Eaton Bray properties?
There is nothing unique about leasehold conveyancing in Eaton Bray. All leases are unique and drafting errors can result in certain sections are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the premises
- Insurance obligations
- 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 will have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Coventry Building Society, and Clydesdale all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to pull out.
I bought a leasehold flat in Eaton Bray, conveyancing having been completed 2001. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Eaton Bray with an extended lease are worth £269,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease finishes on 21st October 2093
With 73 years left to run we estimate the price of your lease extension to be between £11,400 and £13,200 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.