Recently asked questions relating to Fishponds leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Fishponds. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.
If the lease is registered - and most are in Fishponds - 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.
Expecting to sign contracts shortly on a basement flat in Fishponds. Conveyancing lawyers assured me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Fishponds should include some of the following:
- The physical extent of the premises. This will be the property itself but might include a roof space or cellar if applicable.
I’m about to sell my ground floor flat in Fishponds.Conveyancing is yet to be initiated but I have just had a quarterly service charge demand – what should I do?
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 am employed by a long established estate agency in Fishponds where we see a number of flat sales derailed due to leases having less than 80 years remaining. I have been given inconsistent advice from local Fishponds conveyancing firms. Please can you confirm whether the vendor of a flat can instigate the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to 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 to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
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 buyer.
We expect to complete our sale of a £300000 apartment in Fishponds next Thursday . The landlords agents has quoted £348 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 Fishponds?
Fishponds conveyancing on leasehold apartments often involves the purchaser’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to respond to these enquiries the majority will be content to assist. They may charge a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some transactions it is in excess of £800. The administration charge invoiced by the landlord must be sent together with a summary of entitlements and obligations in respect of administration fees, without which the invoice is not strictly payable. Reality however dictates that one has no option but to pay whatever is demanded if you want to complete the sale of your home.
I purchased a leasehold flat in Fishponds, conveyancing formalities finalised in 2004. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Fishponds with a long lease are worth £217,000. The average or mid-range amount of ground rent is £45 per annum. The lease ceases on 21st October 2072
With only 51 years unexpired the likely cost is going to span between £34,200 and £39,600 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.