Recently asked questions relating to Houghton Regis leasehold conveyancing
I am hoping to sign contracts shortly on a ground floor flat in Houghton Regis. Conveyancing solicitors have said that they are sending me a report next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Houghton Regis should include some of the following:
- Setting out your rights in relation to the communal areas in the block.By way of example, does the lease include a right of way over a path or hallways?
I have just appointed agents to market my 2 bed flat in Houghton Regis.Conveyancing has not commenced but I have just received a quarterly service charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should 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 management companies 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. Having a clear account will assist your cause and will leave you no worse off financially.
I today plan to offer on a house that appears to tick a lot of boxes, at a great price which is making it all the more appealing. I have just found out that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Houghton Regis. Conveyancing advisers have are soon to be instructed. Will they explain the issues?
The majority of houses in Houghton Regis are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Houghton Regis in which case you should be shopping around for a Houghton Regis conveyancing practitioner and check that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’spermission to carry out changes to the property. It may be necessary to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your lawyer should advise you fully on all the issues.
I work for a long established estate agent office in Houghton Regis where we see a number of flat sales derailed as a result of leases having less than 80 years remaining. I have received contradictory information from local Houghton Regis conveyancing firms. Could you clarify whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
If all goes to plan we aim to complete the disposal of our £400000 garden flat in Houghton Regis next week. The landlords agents has quoted £360 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Houghton Regis?
Houghton Regis conveyancing on leasehold apartments often requires the purchaser’s lawyer submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to respond to such questions most will be content to assist. They may charge a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some situations it is above £800. The management information fee levied by the landlord must be accompanied by a summary of rights and obligations in relation to administration charges, without which the invoice is technically not due. In reality one has little option but to pay whatever is demanded if you want to exchange contracts with the buyer.
I bought a basement flat in Houghton Regis, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Houghton Regis with a long lease are worth £238,000. The ground rent is £45 levied per year. The lease comes to an end on 21st October 2086
With only 64 years left to run the likely cost is going to be between £20,000 and £23,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use this information 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 based on this information before seeking the advice of a professional.