Recently asked questions relating to Hale Barns leasehold conveyancing
I am hoping to sign contracts shortly on a basement flat in Hale Barns. Conveyancing solicitors assured me that they report fully tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Hale Barns should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
I today plan to offer on a house that appears to be perfect, at a great price which is making it all the more appealing. I have since been informed that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Hale Barns. Conveyancing advisers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Hale Barns ?
Most houses in Hale Barns are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are buying in Hale Barns in which case you should be shopping around for a Hale Barns conveyancing practitioner and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant 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’spermission to conduct alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the property is part of an estate. Your lawyer 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 for periods before 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. Strange as it may seem, 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).
I am employed by a reputable estate agency in Hale Barns where we see a few leasehold sales derailed due to short leases. I have been given inconsistent advice from local Hale Barns conveyancing solicitors. Could you confirm whether the vendor of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £450000 maisonette in Hale Barns on Wednesday in a week. The managing agents has quoted £372 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Hale Barns?
Hale Barns conveyancing on leasehold flats normally results in fees being levied by management companies :
- Addressing pre-exchange enquiries
- 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 own a 2 bed flat in Hale Barns, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Equivalent properties in Hale Barns with an extended lease are worth £255,000. The ground rent is £45 invoiced annually. The lease expires on 21st October 2097
With just 76 years left to run we estimate the price of your lease extension to be between £12,400 and £14,200 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above 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 this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.