Frequently asked questions relating to Greenfield leasehold conveyancing
Estate agents have just been given the go-ahead to market my 2 bed apartment in Greenfield.Conveyancing is yet to be initiated but I have just had a quarterly maintenance charge demand – Do I pay up?
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 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. Having a clear account will assist your cause and will leave you no worse off financially.
Back In 2004, I bought a leasehold flat in Greenfield. Conveyancing and Leeds Building Society mortgage organised. A letter has just been received from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1991. The conveyancing practitioner in Greenfield who acted for me is not around.What should I do?
First contact HMLR 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 incur the fees of a Greenfield conveyancing practitioner to do this as you can do this on the Land Registry website for a few pound. 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 tempted by the attractive purchase price for a couple of apartments in Greenfield both have about fifty years unexpired on the leases. Will this present a problem?
There are plenty of short leases in Greenfield. The lease is a right to use the property for a prescribed time frame. As a lease shortens the saleability of the lease reduces and results in it becoming more costly to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this area
What are your top tips when it comes to finding a Greenfield conveyancing practice to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Greenfield conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Greenfield conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:
- How familiar is the practice with lease extension legislation?
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £300000 garden flat in Greenfield next Tuesday . The freeholder has quoted £396 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Greenfield?
For the majority of leasehold sales in Greenfield conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing pre-exchange enquiries
- Where consent is required before sale in Greenfield
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I own a split level flat in Greenfield, conveyancing having been completed in 1998. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Greenfield with over 90 years remaining are worth £250,000. The average or mid-range amount of ground rent is £55 per annum. The lease ends on 21st October 2100
With just 76 years left to run the likely cost is going to be between £12,400 and £14,200 plus professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.
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