Examples of recent questions relating to leasehold conveyancing in Frenchay
There are only Fifty years left on my flat in Frenchay. I need to get lease extension but my freeholder is absent. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. You will be obliged to demonstrate that you have used your best endeavours to locate the lessor. In some cases an enquiry agent may be helpful to try and locate and prepare an expert document to be accepted by the court as evidence that the landlord is indeed missing. It is wise to seek advice from a conveyancer in relation to investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Frenchay.
I have just appointed agents to market my 2 bed apartment in Frenchay.Conveyancing solicitors are to be appointed soon but I have just received a half-yearly service charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should discharge 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. Having a clear account will assist your cause and will leave you no worse off financially.
I am looking at a two maisonettes in Frenchay both have about fifty years left on the lease term. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the marketability of the lease decreases and it becomes more expensive to extend the lease. For this reason it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this area
Last month I purchased a leasehold property in Frenchay. 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. However, 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).
All being well we will complete the sale of our £350000 garden flat in Frenchay in just under a week. The freeholder has quoted £324 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Frenchay?
Frenchay conveyancing on leasehold apartments often requires the purchaser’s conveyancer sending enquiries for the landlord to answer. Although the landlord is not legally bound to answer these enquiries the majority will be content to assist. They are entitled levy a reasonable charge for answering 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 exceeds £800. The management information fee required by the landlord must be sent together with a summary of rights and obligations in relation to administration fees, otherwise the charge is technically not due. Reality however dictates that you have little choice but to pay whatever is requested of you if you want to complete the sale of your home.
I invested in buying a 2 bed flat in Frenchay, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Frenchay with an extended lease are worth £248,000. The ground rent is £65 charged once a year. The lease runs out on 21st October 2080
With just 59 years remaining on your lease we estimate the premium for your lease extension to be between £23,800 and £27,400 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.
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