Common questions relating to Grange Over Sands leasehold conveyancing
Expecting to complete next month on a studio apartment in Grange Over Sands. Conveyancing lawyers inform me that they report fully next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Grange Over Sands should include some of the following:
- You should receive a copy of the lease
I have just started marketing my ground floor apartment in Grange Over Sands.Conveyancing solicitors are to be appointed soon but I have just had a quarterly service charge invoice – should I leave it to the buyer to sort out?
It best that you pay 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 managing agents will not acknowledge the buyer unless 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 apartments in Grange Over Sands which have in the region of forty five years unexpired on the lease term. should I be concerned?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the marketability of the lease decreases and it becomes more costly to acquire a lease extension. For this reason it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this arena
Can you offer any advice when it comes to choosing a Grange Over Sands conveyancing firm to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Grange Over Sands conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with two or three firms including non Grange Over Sands conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:
- How experienced is the practice with lease extension legislation?
Do you have any top tips for leasehold conveyancing in Grange Over Sands from the perspective of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Grange Over Sands can be reduced where you get in touch lawyers the minute you market your property and ask them to collate the leasehold documentation which will be required by the purchasers’ lawyers.
- The majority freeholders or managing agents in Grange Over Sands charge for providing management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Grange Over Sands.
I purchased a 1 bedroom flat in Grange Over Sands, conveyancing formalities finalised 1998. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Grange Over Sands with over 90 years remaining are worth £240,000. The ground rent is £65 charged once a year. The lease finishes on 21st October 2082
With only 59 years left to run we estimate the premium for your lease extension to range between £22,800 and £26,400 plus legals.
The figure 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 tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.
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