Top Five Questions relating to Filton leasehold conveyancing
I am hoping to exchange soon on a leasehold property in Filton. Conveyancing solicitors have said that they will have a report out to me next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Filton should include some of the following:
- Will you be prohibited or prevented from having pets in the property?
Estate agents have just been given the go-ahead to market my garden flat in Filton.Conveyancing solicitors are to be appointed soon but I have just received a quarterly maintenance charge invoice – Do I pay up?
The sensible thing to do is clear 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.
I today plan to offer on a house that appears to meet my requirements, at a great price which is making it all the more appealing. I have since found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Filton. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Filton ?
The majority of houses in Filton are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are buying in Filton in which case you should be looking for a Filton conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’spermission to carry out alterations. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the house is located on an estate. Your solicitor will advise you fully on all the issues.
Do you have any top tips for leasehold conveyancing in Filton with the purpose of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Filton can be bypassed where you appoint lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the purchasers’ lawyers.
- The majority freeholders or managing agents in Filton levy fees for providing management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Filton.
Completion in due on the sale of our £275000 flat in Filton in just under a week. The managing agents has quoted £300 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Filton?
Filton conveyancing on leasehold flats often involves the purchaser’s solicitor submitting questions for the landlord to address. Although the landlord is not legally bound to address such questions the majority will be willing to do so. They are at liberty levy a reasonable charge for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some situations it exceeds £800. The administration charge required by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration charges, without which the invoice is technically not due. In reality one has little option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
I am the registered owner of a 1 bedroom flat in Filton, conveyancing having been completed in 2012. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Filton with over 90 years remaining are worth £235,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease runs out on 21st October 2078
With 57 years left to run the likely cost is going to span between £31,400 and £36,200 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns 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.