Top Five Questions relating to Ilfracombe leasehold conveyancing
Due to sign contracts shortly on a studio apartment in Ilfracombe. Conveyancing lawyers inform me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Ilfracombe should include some of the following:
- The total extent of the property. This will be the apartment itself but could also incorporate a loft or cellar if applicable.
I have just started marketing my ground floor apartment in Ilfracombe.Conveyancing lawyers have not yet been instructed but I have just had a yearly maintenance charge demand – Do I pay up?
It best that you 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. Having a clear account will assist your cause and will leave you no worse off financially.
I am a negotiator for a reputable estate agency in Ilfracombe where we have experienced a number of leasehold sales derailed as a result of short leases. I have received inconsistent advice from local Ilfracombe conveyancing solicitors. Can you confirm whether the seller of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease 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. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is 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 purchaser.
What advice can you give us when it comes to appointing a Ilfracombe conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Ilfracombe conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Ilfracombe conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- How experienced is the firm with lease extension legislation?
Can you provide any top tips for leasehold conveyancing in Ilfracombe with the purpose of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Ilfracombe can be reduced where you get in touch lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the buyers solicitors.
- In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Ilfracombe leases often stipulate that internal structural alterations or installing wooden flooring calls for a licence issued by the Landlord acquiescing to such changes. If you fail to have the approvals to hand you should not contact the landlord without checking with your solicitor before hand.
I acquired a 2 bed flat in Ilfracombe, conveyancing formalities finalised 1997. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Ilfracombe with over 90 years remaining are worth £168,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease ends on 21st October 2089
With just 66 years remaining on your lease we estimate the price of your lease extension to be between £14,300 and £16,400 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. 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. Please do not move forward based on this information without first getting professional advice.