Fixed-fee leasehold conveyancing in Great Ayton:

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Leasehold conveyancing in Great Ayton is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Great Ayton and next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Common questions relating to Great Ayton leasehold conveyancing

I've recently bought a leasehold flat in Great Ayton. Do I have any liability for service charges for periods before my ownership?

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. It is an essential part 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).

What advice can you give us when it comes to finding a Great Ayton conveyancing firm to deal with our lease extension?

If you are instructing a solicitor for lease extension works (regardless if they are a Great Ayton conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Great Ayton conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:

  • If the firm is not ALEP accredited then why not?
  • What are the charges for lease extension work?

    • Can you provide any top tips for leasehold conveyancing in Great Ayton from the perspective of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Great Ayton can be avoided where you get in touch lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the buyers solicitors.
    • The majority landlords or Management Companies in Great Ayton levy fees for providing management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management information sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Great Ayton.
  • A minority of Great Ayton leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • If there is a history of any disputes with your freeholder or managing agents it is essential that these are resolved before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over rather than ongoing.
  • If you hold a share in a the freehold, you should make sure that you hold the original share document. Organising a replacement share certificate can be a time consuming process and frustrates many a Great Ayton home move. If a reissued share is needed, do contact the company director and secretary or managing agents (where relevant) for this as soon as possible.

    • If all goes to plan we aim to complete the sale of our £350000 apartment in Great Ayton next Tuesday . The managing agents has quoted £396 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Great Ayton?

    Great Ayton conveyancing on leasehold apartments normally necessitates the purchaser’s lawyer sending enquiries for the landlord to address. Although the landlord is not legally bound to address such questions the majority will be willing to assist. They may charge a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some situations it is in excess of £800. The administration charge demanded by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration charges, otherwise the invoice is technically not due. In reality one has no choice but to pay whatever is demanded should you wish to sell the property.

    When it comes to leasehold conveyancing in Great Ayton what are the most common lease problems?

    Leasehold conveyancing in Great Ayton is not unique. Most leases are individual and drafting errors can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the property
    • Insurance obligations
    • 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

    You could encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Skipton Building Society, and Nottingham Building Society all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to withdraw.

    I am the registered owner of a split level flat in Great Ayton, conveyancing having been completed 10 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Great Ayton with over 90 years remaining are worth £185,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ceases on 21st October 2094

    You have 69 years left to run we estimate the premium for your lease extension to be between £11,400 and £13,200 as well as professional fees.

    The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Great Ayton