Top Five Questions relating to Hockley leasehold conveyancing
I am on look out for some leasehold conveyancing in Hockley. Before diving in I would like to find out the number of years remaining on the lease.
If the lease is recorded at the land registry - and almost all are in Hockley - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Looking forward to complete next month on a garden flat in Hockley. Conveyancing solicitors inform me that they are sending me a report on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Hockley should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a great figure which is making it all the more appealing. I have subsequently been informed that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Hockley. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Hockley ?
The majority of houses in Hockley are freehold rather than 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 clear that you are purchasing in Hockley in which case you should be looking for a Hockley conveyancing solicitor and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’spermission to carry out changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is located on an estate. Your lawyer will report to you on the legal implications.
Back In 2004, I bought a leasehold house in Hockley. Conveyancing and Britannia 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. It included a demand for arrears of ground rent dating back to 1992. The conveyancing practitioner in Hockley who acted for me is not around.What should I do?
First contact HMLR to be sure that this person is in fact the registered owner of the freehold reversion. You do not need to instruct a Hockley conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. 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.
If all goes to plan we aim to complete our sale of a £400000 apartment in Hockley next week. The managing agents has quoted £300 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Hockley?
Hockley conveyancing on leasehold apartments normally involves the buyer’s solicitor sending enquiries for the landlord to answer. Although the landlord is not legally bound to respond to such questions most will be content to assist. They are entitled charge a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is £350, in some transactions it is above £800. The administration charge levied by the landlord must be sent together with a synopsis of rights and obligations in relation to administration fees, without which the invoice is technically not due. Reality however dictates that you have no choice but to pay whatever is requested of you should you wish to complete the sale of your home.
I am the registered owner of a ground floor flat in Hockley, conveyancing having been completed in 2012. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Hockley with an extended lease are worth £266,000. The average or mid-range amount of ground rent is £45 levied per year. The lease terminates on 21st October 2078
With just 57 years unexpired we estimate the premium for your lease extension to range between £24,700 and £28,600 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.