Top Five Questions relating to Heywood leasehold conveyancing
Due to complete next month on a leasehold property in Heywood. Conveyancing solicitors assured me that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Heywood should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
Estate agents have just been given the go-ahead to market my garden flat in Heywood.Conveyancing has not commenced but I have just had a yearly maintenance charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is pay 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. This will smooth the conveyancing process.
I own a leasehold flat in Heywood. Conveyancing and Birmingham Midshires mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Heywood who acted for me is not around.What should I do?
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 instruct a Heywood conveyancing practitioner to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am tempted by the attractive purchase price for a two apartments in Heywood which have about 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Heywood. The lease is a right to use the property for a prescribed time frame. As the lease gets shorter the marketability of the lease reduces and results in it becoming more expensive to extend the lease. For this reason it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this field
What advice can you give us when it comes to appointing a Heywood conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a Heywood conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Heywood conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:
- How experienced is the firm with lease extension legislation?
I invested in buying a studio flat in Heywood, conveyancing formalities finalised 7 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Heywood with a long lease are worth £233,000. The ground rent is £55 invoiced every year. The lease ends on 21st October 2084
With just 63 years left to run the likely cost is going to span between £18,100 and £20,800 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.