Frampton Cotterell leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Frampton Cotterell. 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 most are in Frampton Cotterell - 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.
Planning to sign contracts shortly on a studio apartment in Frampton Cotterell. Conveyancing solicitors have said that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Frampton Cotterell should include some of the following:
- The physical extent of the premises. This will be the property itself but may incorporate a loft or basement if appropriate.
Last month I purchased a leasehold flat in Frampton Cotterell. Am I liable to pay service charges for periods before my ownership?
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 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).
All being well we will complete the disposal of our £300000 garden flat in Frampton Cotterell in just under a week. The managing agents has quoted £384 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Frampton Cotterell?
Frampton Cotterell conveyancing on leasehold apartments more often than not requires the buyer’s solicitor submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer these enquiries most will be content to do so. They are entitled invoice a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some transactions it is above £800. The management information fee 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. Reality however dictates that you have no option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
What are the common deficiencies that you see in leases for Frampton Cotterell properties?
There is nothing unique about leasehold conveyancing in Frampton Cotterell. Most leases are unique and drafting errors can result in certain sections are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the property
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Leeds Building Society, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the buyer to withdraw.
I purchased a 1st floor flat in Frampton Cotterell, conveyancing was carried out in 1996. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Frampton Cotterell with an extended lease are worth £245,000. The ground rent is £65 invoiced annually. The lease expires on 21st October 2100
With 75 years remaining on your lease we estimate the price of your lease extension to range between £10,500 and £12,000 as well as legals.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed investigations. You should 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 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.
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