Frequently asked questions relating to Ellesmere Port leasehold conveyancing
Planning to exchange soon on a leasehold property in Ellesmere Port. Conveyancing lawyers assured me that they are sending me a report next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Ellesmere Port should include some of the following:
- Does the lease prohibit wood flooring?
I have just started marketing my basement flat in Ellesmere Port.Conveyancing has not commenced but I have just received a half-yearly service charge demand – Do I pay up?
It best that you pay the service charge 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 unless 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 choosing a Ellesmere Port conveyancing practice to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Ellesmere Port conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Ellesmere Port conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:
- What volume of lease extensions have they carried out in Ellesmere Port in the last 12 months?
Can you provide any advice for leasehold conveyancing in Ellesmere Port from the perspective of expediting the sale process?
- Much of the delay in leasehold conveyancing in Ellesmere Port can be avoided where you instruct lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold information which will be required by the purchasers’ solicitors.
- The majority freeholders or managing agents in Ellesmere Port charge for providing management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Ellesmere Port.
In relation to leasehold conveyancing in Ellesmere Port what are the most frequent lease problems?
Leasehold conveyancing in Ellesmere Port is not unique. All leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the premises
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You could have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Leeds Building Society, and Godiva Mortgages Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.
I inherited a 1st floor flat in Ellesmere Port, conveyancing formalities finalised 7 years ago. How much will my lease extension cost? Corresponding properties in Ellesmere Port with a long lease are worth £226,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease expires on 21st October 2077
With only 56 years unexpired we estimate the premium for your lease extension to span between £30,400 and £35,200 plus costs.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.