Recently asked questions relating to Fenstanton leasehold conveyancing
I am on look out for some leasehold conveyancing in Fenstanton. Before I get started I want to be sure as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and almost all are in Fenstanton - then the leasehold title will always include the basic details 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.
Estate agents have just been given the go-ahead to market my 2 bed apartment in Fenstanton.Conveyancing is yet to be initiated but I have just had a yearly service charge demand – 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 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.
Can you offer any advice when it comes to finding a Fenstanton conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Fenstanton conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Fenstanton conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- Can they put you in touch with client in Fenstanton who can give a testimonial?
Do you have any advice for leasehold conveyancing in Fenstanton with the intention of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Fenstanton can be reduced if you get in touch lawyers the minute your agents start advertising the property and ask them to put together the leasehold documentation needed by the buyers representatives.
- Many freeholders or Management Companies in Fenstanton levy fees for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Fenstanton.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £350000 maisonette in Fenstanton on Monday in a week. The management company has quoted £384 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Fenstanton?
Fenstanton conveyancing on leasehold maisonettes usually involves the buyer’s conveyancer submitting questions for the landlord to answer. Although the landlord is under no legal obligation to respond to these enquiries most will be content to do so. They are entitled levy a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some cases it is above £800. The administration charge invoiced by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration fees, without which the invoice is technically not due. In reality you have no choice but to pay whatever is demanded if you want to sell the property.
I own a 1 bedroom flat in Fenstanton, conveyancing having been completed half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Fenstanton with an extended lease are worth £211,000. The ground rent is £50 invoiced annually. The lease runs out on 21st October 2100
With just 76 years left to run we estimate the premium for your lease extension to range between £9,500 and £11,000 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.
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