Heathfield leasehold conveyancing Example Support Desk Enquiries
Estate agents have just been given the go-ahead to market my ground floor apartment in Heathfield.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly service charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should 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 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.
My wife and I purchased a leasehold flat in Heathfield. Conveyancing and Nationwide Building Society mortgage organised. A letter has just been received from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1997. The conveyancing practitioner in Heathfield who previously acted has now retired.Do I pay?
The first thing you should do is contact HMLR to make sure that this person is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Heathfield conveyancing solicitor to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I work for a reputable estate agency in Heathfield where we have witnessed a number of flat sales jeopardised due to leases having less than 80 years remaining. I have received contradictory information from local Heathfield 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 been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
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.
Can you provide any advice for leasehold conveyancing in Heathfield with the aim of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Heathfield can be reduced if you instruct lawyers the minute your agents start marketing the property and ask them to put together the leasehold documentation needed by the purchasers’ lawyers.
- Many landlords or managing agents in Heathfield levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Heathfield.
When it comes to leasehold conveyancing in Heathfield what are the most common lease problems?
There is nothing unique about leasehold conveyancing in Heathfield. All leases are unique and drafting errors can sometimes mean that certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the premises
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You may encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Barnsley Building Society, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to withdraw.
I invested in buying a ground floor flat in Heathfield, conveyancing formalities finalised 10 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Heathfield with over 90 years remaining are worth £247,000. The ground rent is £55 levied per year. The lease runs out on 21st October 2081
You have 58 years unexpired we estimate the premium for your lease extension to span between £22,800 and £26,400 as well as 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 cannot give you the actual costs in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.