Recently asked questions relating to Heath leasehold conveyancing
Looking forward to complete next month on a studio apartment in Heath. Conveyancing solicitors assured me that they will have a report out to me on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Heath should include some of the following:
- Setting out your rights in relation to the communal areas in the building.By way of example, does the lease grant a right of way over a path or hallways?
Estate agents have just been given the go-ahead to market my basement flat in Heath.Conveyancing is yet to be initiated but I have just received a quarterly service charge invoice – Do I pay up?
The sensible thing to do is clear 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 managing agents 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. This will smooth the conveyancing process.
I today plan to offer on a house that seems to be perfect, at a great price which is making it more attractive. I have since been informed that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Heath. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Heath ?
The majority of houses in Heath are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Heath so you should seriously consider looking for a Heath conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’sconsent to conduct changes to the property. You may also be required to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your conveyancer should report to you on the legal implications.
Can you offer any advice when it comes to finding a Heath conveyancing firm to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Heath conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with several firms including non Heath conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- If the firm is not ALEP accredited then why not?
Can you provide any advice for leasehold conveyancing in Heath from the perspective of expediting the sale process?
- Much of the delay in leasehold conveyancing in Heath can be avoided where you instruct lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the purchasers’ conveyancers.
- A minority of Heath leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
I invested in buying a 2 bed flat in Heath, conveyancing formalities finalised 2003. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Heath with an extended lease are worth £209,000. The ground rent is £45 levied per year. The lease ends on 21st October 2086
You have 65 years unexpired we estimate the price of your lease extension to range between £14,300 and £16,400 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 extending a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.