Frequently asked questions relating to Hornsea leasehold conveyancing
I am on look out for some leasehold conveyancing in Hornsea. Before diving in I want to be sure as to the number of years remaining on the lease.
If the lease is registered - and most are in Hornsea - 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.
I have just started marketing my garden flat in Hornsea.Conveyancing has not commenced but I have just had a half-yearly service charge invoice – Do I pay up?
It best that you 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 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. This will smooth the conveyancing process.
I own a leasehold house in Hornsea. Conveyancing and Nationwide Building Society mortgage organised. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1994. The conveyancing solicitor in Hornsea who previously acted has now retired.What should I do?
First contact the Land Registry to be sure that this person is in fact the new freeholder. It is not necessary to instruct a Hornsea conveyancing firm to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I've recently bought a leasehold flat in Hornsea. Am I liable to pay service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner 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 are your top tips when it comes to finding a Hornsea conveyancing firm to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Hornsea conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with two or three firms including non Hornsea conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- If the firm is not ALEP accredited then what is the reason?
I inherited a 1 bedroom flat in Hornsea, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Hornsea with over 90 years remaining are worth £210,000. The ground rent is £60 charged once a year. The lease ends on 21st October 2095
With 75 years left to run we estimate the premium for your lease extension to range between £12,400 and £14,200 plus costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.
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