Common questions relating to Frinton On Sea leasehold conveyancing
Due to complete next month on a basement flat in Frinton On Sea. Conveyancing lawyers have said 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 Frinton On Sea should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I am attracted to a couple of apartments in Frinton On Sea both have in the region of fifty years left on the leases. Should I regard a short lease as a deal breaker?
A lease is a right to use the property for a prescribed time frame. As a lease gets shorter the value of the lease deteriorate and results in it becoming more costly to extend the lease. For this reason it is advisable to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field
Last month I purchased a leasehold flat in Frinton On Sea. Am I liable to pay service charges relating to a period prior to my ownership?
In a situation 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 disposal of our £200000 apartment in Frinton On Sea next week. The management company has quoted £324 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Frinton On Sea?
Frinton On Sea conveyancing on leasehold maisonettes often requires the buyer’s conveyancer submitting questions for the landlord to address. Although the landlord is under no legal obligation to answer such questions most will be content to assist. They may invoice a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some transactions it exceeds £800. The management information fee invoiced by the landlord must be sent together with a synopsis of rights and obligations in relation to administration fees, otherwise the invoice is not strictly payable. In reality one has no option but to pay whatever is demanded should you wish to exchange contracts with the buyer.
When it comes to leasehold conveyancing in Frinton On Sea what are the most common lease defects?
Leasehold conveyancing in Frinton On Sea is not unique. All leases are unique and drafting errors can sometimes mean that certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the property
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Chelsea Building Society, and Barclays Direct all have express 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 defective they may refuse to provide security, obliging the buyer to pull out.
I am the registered owner of a split level flat in Frinton On Sea, conveyancing formalities finalised 4 years ago. How much will my lease extension cost? Corresponding flats in Frinton On Sea with a long lease are worth £203,000. The ground rent is £45 invoiced annually. The lease terminates on 21st October 2084
With only 61 years left to run the likely cost is going to be between £18,100 and £20,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.