Questions and Answers: Gloucester leasehold conveyancing
Looking forward to sign contracts shortly on a leasehold property in Gloucester. Conveyancing solicitors inform me that they report fully tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Gloucester should include some of the following:
- Defining your legal entitlements in relation to common areas in the block.For instance, does the lease permit a right of way over an accessway or staircase?
I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have since found out that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Gloucester. Conveyancing advisers have are about to be appointed. Will they explain the issues?
Most houses in Gloucester are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Gloucester so you should seriously consider shopping around for a Gloucester conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’spermission to conduct changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is located on an estate. Your lawyer will advise you fully on all the issues.
I own a leasehold house in Gloucester. Conveyancing and Aldermore mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Gloucester who acted for me is not around.What should I do?
First make enquiries of the Land Registry to be sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. You do not need to instruct a Gloucester conveyancing solicitor to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a couple of flats in Gloucester both have in the region of 50 years unexpired on the leases. 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 prescribed time frame. As the lease shortens the value of the lease reduces and it becomes more costly to acquire a lease extension. For this reason it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this arena
All being well we will complete our sale of a £450000 garden flat in Gloucester next week. The freeholder has quoted £408 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Gloucester?
Gloucester conveyancing on leasehold maisonettes more often than not involves the buyer’s solicitor submitting questions for the landlord to answer. Although the landlord is not legally bound to address these enquiries most will be content to do so. They are at liberty levy a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The management information fee levied by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration fees, without which the charge is not strictly payable. In reality you have no choice but to pay whatever is requested of you if you want to complete the sale of your home.
I acquired a garden flat in Gloucester, conveyancing having been completed 10 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Gloucester with a long lease are worth £208,000. The ground rent is £55 yearly. The lease ceases on 21st October 2076
With just 53 years unexpired we estimate the price of your lease extension to range between £30,400 and £35,200 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.