Top Five Questions relating to Ebbw Vale leasehold conveyancing
I am in need of some leasehold conveyancing in Ebbw Vale. Before diving in I would like to find out the remaining lease term.
Assuming the lease is recorded at the land registry - and almost all are in Ebbw Vale - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I have just started marketing my garden flat in Ebbw Vale.Conveyancing has not commenced but I have just had a yearly maintenance charge demand – what should I do?
The sensible thing to do is pay the invoice 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.
What advice can you give us when it comes to appointing a Ebbw Vale conveyancing practice to deal with our lease extension?
When appointing a property lawyer for your lease extension (regardless if they are a Ebbw Vale conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Ebbw Vale conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:
- How familiar is the practice with lease extension legislation?
Do you have any top tips for leasehold conveyancing in Ebbw Vale from the point of view of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Ebbw Vale can be reduced if you appoint lawyers as soon as your agents start advertising the property and ask them to put together the leasehold documentation which will be required by the buyers representatives.
- Many freeholders or Management Companies in Ebbw Vale levy fees for supplying management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Ebbw Vale.
All being well we will complete our sale of a £400000 maisonette in Ebbw Vale next Thursday . The management company has quoted £324 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Ebbw Vale?
Ebbw Vale conveyancing on leasehold apartments more often than not requires the buyer’s solicitor sending questions for the landlord to answer. Although the landlord is not legally bound to answer these enquiries the majority will be willing to assist. They are at liberty levy a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some transactions it exceeds £800. The administration charge demanded by the landlord must be sent together with a summary of rights and obligations in relation to administration fees, without which the charge is not strictly payable. In reality one has no choice but to pay whatever is demanded if you want to sell the property.
I bought a garden flat in Ebbw Vale, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Ebbw Vale with an extended lease are worth £224,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease expires on 21st October 2071
With 51 years remaining on your lease the likely cost is going to be between £37,100 and £42,800 as well as legals.
The figure above 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 a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.