Henlow leasehold conveyancing Example Support Desk Enquiries
Due to complete next month on a ground floor flat in Henlow. Conveyancing lawyers inform me that they are sending me a report next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Henlow should include some of the following:
- You should be sent a copy of the lease
I have just started marketing my ground floor flat in Henlow.Conveyancing solicitors are to be appointed soon but I have just had a yearly maintenance charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge 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 management companies 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.
Last month I purchased a leasehold flat in Henlow. Do I have any liability for service charges relating to a period prior to my ownership?
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. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure 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).
What advice can you give us when it comes to choosing a Henlow conveyancing firm to deal with our lease extension?
When appointing a property lawyer for your lease extension (regardless if they are a Henlow conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Henlow conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:
- How familiar is the firm with lease extension legislation?
What are the frequently found defects that you come across in leases for Henlow properties?
Leasehold conveyancing in Henlow is not unique. All leases are individual and legal mistakes in the legal wording can result in certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the property
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Leeds Building Society, and Clydesdale all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to withdraw.
I inherited a garden flat in Henlow, conveyancing was carried out 2010. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Henlow with a long lease are worth £166,000. The average or mid-range amount of ground rent is £50 per annum. The lease finishes on 21st October 2091
With 68 years unexpired we estimate the price of your lease extension to range between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above 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 tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.