Sample questions relating to Halstead leasehold conveyancing
I’m about to sell my 2 bed flat in Halstead.Conveyancing has not commenced but I have just had a half-yearly service charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is 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 unless 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.
My wife and I purchased a leasehold flat in Halstead. Conveyancing and Bank of Scotland mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1991. The conveyancing practitioner in Halstead who previously acted has long since retired.What should I do?
The first thing you should do is contact HMLR to be sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Halstead conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am a negotiator for a long established estate agency in Halstead where we have experienced a number of flat sales derailed as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Halstead conveyancing firms. Can you clarify whether the seller of a flat can start 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
An alternative approach is 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.
What are your top tips when it comes to appointing a Halstead conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Halstead conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Halstead conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- If the firm is not ALEP accredited then why not?
Can you provide any top tips for leasehold conveyancing in Halstead with the purpose of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Halstead can be bypassed if you instruct lawyers as soon as your agents start advertising the property and ask them to collate the leasehold information needed by the purchasers’ representatives.
- Many landlords or managing agents in Halstead levy fees for supplying management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Halstead.
I acquired a ground floor flat in Halstead, conveyancing formalities finalised 2009. Can you work out an approximate cost of a lease extension? Corresponding properties in Halstead with over 90 years remaining are worth £245,000. The ground rent is £50 yearly. The lease terminates on 21st October 2095
With 74 years remaining on your lease we estimate the price of your lease extension to be between £8,600 and £9,800 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on 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. You should not move forward placing reliance on this information without first seeking the advice of a professional.