Egremont leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Egremont. Before diving in I would like to find out the unexpired term of the lease.
Assuming the lease is registered - and 99.9% are in Egremont - 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 apartment in Egremont.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly service charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should clear 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 managing agents 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.
I am employed by a long established estate agency in Egremont where we have witnessed a number of leasehold sales derailed due to short leases. I have received conflicting advice from local Egremont conveyancing solicitors. Please can you clarify whether the vendor of a flat can start the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is 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 needs to be completed before, or at the same time as 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 provide any advice for leasehold conveyancing in Egremont from the point of view of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Egremont can be bypassed if you appoint lawyers the minute your agents start advertising the property and request that they start to put together the leasehold information which will be required by the buyers conveyancers.
- Many landlords or Management Companies in Egremont levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Egremont.
We expect to complete the disposal of our £275000 maisonette in Egremont on Tuesday in a week. The landlords agents has quoted £312 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Egremont?
For most leasehold sales in Egremont conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing conveyancing due diligence enquiries
- Where consent is required before sale in Egremont
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I bought a basement flat in Egremont, conveyancing formalities finalised 2001. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Egremont with a long lease are worth £173,000. The ground rent is £55 levied per year. The lease runs out on 21st October 2085
You have 65 years left to run the likely cost is going to range between £15,200 and £17,600 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.