Sample questions relating to Halstead leasehold conveyancing
Expecting to complete next month on a studio apartment in Halstead. Conveyancing solicitors have said that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Halstead should include some of the following:
- You should be sent a copy of the lease
I own a leasehold flat in Halstead. Conveyancing and Britannia mortgage are in place. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1995. The conveyancing practitioner in Halstead who acted for me is not around.What should I do?
The first thing you should do is contact the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Halstead conveyancing lawyer to do this as it can be done on-line for £3. You should note that in any event, 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 attracted to a two flats in Halstead both have about fifty years left on the leases. Will this present a problem?
There is no doubt about it. A leasehold flat in Halstead is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. For most buyers and banks, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Halstead conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
What advice can you give us when it comes to choosing a Halstead conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a solicitor for your lease extension (regardless if they are a Halstead conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Halstead conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- Can they put you in touch with client in Halstead who can give a testimonial?
Completion in due on the disposal of our £175000 garden flat in Halstead in 8 days. The freeholder has quoted £312 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Halstead?
Halstead conveyancing on leasehold flats typically involves administration charges levied by management companies :
- Addressing pre-contract questions
- Where consent is required before sale in Halstead
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I inherited a studio flat in Halstead, conveyancing was carried out 2010. How much will my lease extension cost? Comparable flats in Halstead with an extended lease are worth £260,000. The average or mid-range amount of ground rent is £65 per annum. The lease comes to an end on 21st October 2092
You have 69 years left to run we estimate the price of your lease extension to range between £13,300 and £15,400 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.