Flitwick leasehold conveyancing: Q and A’s
Expecting to sign contracts shortly on a basement flat in Flitwick. Conveyancing solicitors inform me that they will have a report out to me on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Flitwick should include some of the following:
- The physical extent of the demise. This will be the apartment itself but might include a roof space or basement if appropriate.
I today plan to offer on a house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have just discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Flitwick. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Flitwick ?
Most houses in Flitwick are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Flitwick in which case you should be looking for a Flitwick conveyancing solicitor and check that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’sconsent to conduct changes to the property. You may also be required to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your solicitor will appraise you on the various issues.
I am looking at a two flats in Flitwick which have about fifty years remaining on the lease term. Will this present a problem?
There is no doubt about it. A leasehold apartment in Flitwick is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the salability of the premises. For most purchasers and lenders, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Flitwick conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I've recently bought a leasehold house in Flitwick. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous owner 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 ensure 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).
Completion in due on the sale of our £300000 garden flat in Flitwick on Tuesday in a week. The management company has quoted £408 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Flitwick?
Flitwick conveyancing on leasehold apartments typically results in administration charges raised by landlords agents :
- Answering pre-contract enquiries
- Where consent is required before sale in Flitwick
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I inherited a basement flat in Flitwick, conveyancing was carried out 2000. 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? Equivalent flats in Flitwick with an extended lease are worth £202,000. The average or mid-range amount of ground rent is £55 yearly. The lease finishes on 21st October 2098
With just 78 years left to run we estimate the premium for your lease extension to span between £8,600 and £9,800 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.