Fixed-fee leasehold conveyancing in Farnham Royal:

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Questions and Answers: Farnham Royal leasehold conveyancing

Estate agents have just been given the go-ahead to market my basement apartment in Farnham Royal.Conveyancing is yet to be initiated but I have just received a half-yearly maintenance charge demand – should I leave it to the buyer to sort out?

The sensible thing to do is discharge 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. Having a clear account will assist your cause and will leave you no worse off financially.

Back In 2002, I bought a leasehold flat in Farnham Royal. Conveyancing and The Royal Bank of Scotland mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1995. The conveyancing practitioner in Farnham Royal who previously acted has long since retired.What should I do?

The first thing you should do is make enquiries of the Land Registry to be sure that the individual claiming to own the freehold is in fact the new freeholder. There is no need to incur the fees of a Farnham Royal conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

What advice can you give us when it comes to appointing a Farnham Royal conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a conveyancer for your lease extension (regardless if they are a Farnham Royal conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with two or three firms including non Farnham Royal conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:

  • If they are not ALEP accredited then what is the reason?
  • What volume of lease extensions has the firm conducted in Farnham Royal in the last 12 months?

If all goes to plan we aim to complete our sale of a £ 275000 flat in Farnham Royal in nine days. The managing agents has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Farnham Royal?

Farnham Royal conveyancing on leasehold flats ordinarily results in administration charges raised by landlords agents :

  • Completing pre-contract enquiries
  • Where consent is required before sale in Farnham Royal
  • Supplying insurance information
  • Deeds of covenant upon sale
  • Registering of the assignment of the change of lessee after a sale
Your solicitor will have no control over the level of the charges for this information but the average costs for the information for Farnham Royal leasehold premises is £350. For Farnham Royal conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to supply the information.

What are the common defects that you see in leases for Farnham Royal properties?

Leasehold conveyancing in Farnham Royal is not unique. Most leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are erroneous. The following missing provisions could result in a defective lease:

  • Repairing obligations to or maintain parts of the building
  • Insurance obligations
  • 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 will have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Chelsea Building Society, and Platform Home Loans Ltd all have very detailed 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, forcing the purchaser to pull out.

I inherited a 2 bed flat in Farnham Royal, conveyancing having been completed 1995. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Farnham Royal with a long lease are worth £221,000. The ground rent is £50 charged once a year. The lease ends on 21st October 2082

With 56 years remaining on your lease we estimate the price of your lease extension to be between £30,400 and £35,200 plus professional fees.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you should 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.