Frequently asked questions relating to Flackwell Heath leasehold conveyancing
I am in need of some leasehold conveyancing in Flackwell Heath. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and almost all are in Flackwell Heath - then the leasehold title will always include the short particulars 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 basement flat in Flackwell Heath.Conveyancing solicitors are to be appointed soon but I have just had a yearly maintenance charge demand – what should I do?
The sensible thing to do is 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 until 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.
Last month I purchased a leasehold property in Flackwell Heath. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Do you have any advice for leasehold conveyancing in Flackwell Heath from the perspective of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Flackwell Heath can be bypassed where you appoint lawyers as soon as you market your property and request that they start to collate the leasehold documentation which will be required by the buyers lawyers.
- Many freeholders or managing agents in Flackwell Heath levy fees for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Flackwell Heath.
If all goes to plan we aim to complete our sale of a £250000 apartment in Flackwell Heath in just under a week. The landlords agents has quoted £420 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Flackwell Heath?
Flackwell Heath conveyancing on leasehold maisonettes often requires the purchaser’s lawyer sending questions for the landlord to answer. Although the landlord is under no legal obligation to address such questions most will be content to do so. They may levy a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some transactions it is above £800. The administration charge demanded by the landlord must be sent together with a summary of rights and obligations in relation to administration charges, otherwise the charge is technically not due. Reality however dictates that one has no option but to pay whatever is demanded if you want to exchange contracts with the buyer.
I invested in buying a ground floor flat in Flackwell Heath, conveyancing formalities finalised 4 years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Flackwell Heath with over 90 years remaining are worth £195,000. The ground rent is £55 invoiced annually. The lease runs out on 21st October 2089
With only 69 years unexpired we estimate the price of your lease extension to be between £11,400 and £13,200 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above 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. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.
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