Recently asked questions relating to Great Barford leasehold conveyancing
Looking forward to sign contracts shortly on a garden flat in Great Barford. Conveyancing solicitors assured me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Great Barford should include some of the following:
- You should receive a copy of the lease
Estate agents have just been given the go-ahead to market my ground floor flat in Great Barford.Conveyancing is yet to be initiated but I have just received a quarterly maintenance charge invoice – Do I pay up?
It best that you discharge the invoice 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 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 tempted by the attractive purchase price for a couple of flats in Great Barford which have about forty five years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Great Barford. The lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the saleability of the lease deteriorate and results in it becoming more costly to acquire a lease extension. For this reason it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this arena
Can you offer any advice when it comes to choosing a Great Barford conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a Great Barford conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Great Barford conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:
- How experienced is the firm with lease extension legislation?
We expect to complete our sale of a £500000 garden flat in Great Barford on Thursday in a week. The landlords agents has quoted £360 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Great Barford?
Great Barford conveyancing on leasehold apartments often necessitates the purchaser’s solicitor submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to answer these enquiries the majority will be content to assist. They are entitled charge a reasonable charge for answering questions 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 situations it exceeds £800. The management information fee demanded by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration fees, otherwise the invoice is not strictly payable. In reality one has little choice but to pay whatever is requested of you if you want to complete the sale of your home.
I bought a studio flat in Great Barford, conveyancing was carried out 2009. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Great Barford with an extended lease are worth £224,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease ceases on 21st October 2074
You have 52 years remaining on your lease we estimate the price of your lease extension to span between £31,400 and £36,200 as well as costs.
The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.