Top Five Questions relating to Houghton Regis leasehold conveyancing
I’m about to sell my garden flat in Houghton Regis.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly maintenance charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should clear 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 house in Houghton Regis. Conveyancing and Nottingham Building Society mortgage are in place. 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 1998. The conveyancing practitioner in Houghton Regis who previously acted has now retired.Do I pay?
First contact the Land Registry to be sure that this person is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Houghton Regis conveyancing practitioner to do this as it can be done on-line for £3. You should note 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 am looking at a two apartments in Houghton Regis which have about forty five years unexpired on the lease term. Will this present a problem?
A lease is a right to use the property for a prescribed time frame. As a lease gets shorter the value of the lease reduces and results in it becoming more costly to extend the lease. This is why it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this area
All being well we will complete the sale of our £325000 maisonette in Houghton Regis in just under a week. The managing agents has quoted £348 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Houghton Regis?
Houghton Regis conveyancing on leasehold apartments often requires the purchaser’s conveyancer submitting enquiries for the landlord to address. Although the landlord is not legally bound to address such questions the majority will be willing to do so. They are at liberty charge a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some cases it is above £800. The management information fee levied by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration fees, without which the invoice is not strictly payable. Reality however dictates that you have little choice but to pay whatever is requested of you if you want to sell the property.
In relation to leasehold conveyancing in Houghton Regis what are the most frequent lease problems?
Leasehold conveyancing in Houghton Regis is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain clauses are missing. 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
- A duty to insure the building
- 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
You may have 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. Halifax, Bank of Scotland, and Platform Home Loans Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the purchaser to pull out.
I acquired a ground floor flat in Houghton Regis, conveyancing formalities finalised 6 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 Houghton Regis with over 90 years remaining are worth £195,000. The average or mid-range amount of ground rent is £60 charged once a year. The lease ceases on 21st October 2076
With just 55 years left to run we estimate the premium for your lease extension to be between £24,700 and £28,600 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.