Top Five Questions relating to Hale Barns leasehold conveyancing
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a great figure which is making it all the more appealing. I have since been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Hale Barns. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Hale Barns ?
Most houses in Hale Barns are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Hale Barns in which case you should be looking for a Hale Barns 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. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the property is located on an estate. Your solicitor should report to you on the legal implications.
Last month I purchased a leasehold flat in Hale Barns. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee 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).
Can you offer any advice when it comes to choosing a Hale Barns conveyancing firm to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Hale Barns conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Hale Barns conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- If they are not ALEP accredited then what is the reason?
Do you have any top tips for leasehold conveyancing in Hale Barns with the aim of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Hale Barns can be reduced where you instruct lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the purchasers’ representatives.
- If you have carried out any alterations to the property would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Hale Barns leases often stipulate that internal structural alterations or laying down wooden flooring necessitate a licence from the Landlord consenting to such alterations. Should you dont have the approvals to hand do not contact the landlord without contacting your solicitor first.
All being well we will complete the sale of our £350000 apartment in Hale Barns next Tuesday . The freeholder has quoted £312 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Hale Barns?
For most leasehold sales in Hale Barns conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering conveyancing due diligence questions
- Where consent is required before sale in Hale Barns
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I invested in buying a leasehold flat in Hale Barns, conveyancing formalities finalised in 2003. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Hale Barns with an extended lease are worth £260,000. The ground rent is £55 invoiced every year. The lease comes to an end on 21st October 2094
You have 74 years unexpired we estimate the price of your lease extension to range between £13,300 and £15,400 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.