Recently asked questions relating to Great Sankey leasehold conveyancing
I’m about to sell my garden apartment in Great Sankey.Conveyancing has not commenced but I have just received a yearly service charge invoice – Do I pay up?
The sensible thing to do is 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 management companies 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. This will smooth the conveyancing process.
I today plan to offer on a house that appears to be perfect, at a great figure which is making it more attractive. I have since discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Great Sankey. Conveyancing advisers have not yet been instructed. Will they explain the issues?
The majority of houses in Great Sankey are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Great Sankey in which case you should be shopping around for a Great Sankey conveyancing solicitor and be sure that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’spermission to carry out alterations. You may also be required to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your conveyancer should appraise you on the various issues.
Last month I purchased a leasehold house in Great Sankey. Do I have any liability for 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. Strange as it may seem, 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).
Completion in due on the sale of our £400000 apartment in Great Sankey in just under a week. The landlords agents has quoted £420 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Great Sankey?
Great Sankey conveyancing on leasehold flats usually results in fees being invoiced by freeholders :
- Answering conveyancing due diligence questions
- Where consent is required before sale in Great Sankey
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What are the common problems that you encounter in leases for Great Sankey properties?
There is nothing unique about leasehold conveyancing in Great Sankey. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the premises
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
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. Lloyds TSB Bank, Chelsea Building Society, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to withdraw.
I inherited a 1st floor flat in Great Sankey, conveyancing having been completed 1998. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Great Sankey with an extended lease are worth £189,000. The average or mid-range amount of ground rent is £45 per annum. The lease comes to an end on 21st October 2102
You have 77 years left to run we estimate the price of your lease extension to range between £12,400 and £14,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.
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