Top Five Questions relating to Ingleby Barwick leasehold conveyancing
Estate agents have just been given the go-ahead to market my garden apartment in Ingleby Barwick.Conveyancing is yet to be initiated but I have just received a half-yearly maintenance charge demand – what should I do?
It best that you discharge 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 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've found a house that appears to meet my requirements, at a reasonable price which is making it more attractive. I have since discovered that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in Ingleby Barwick. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Ingleby Barwick ?
Most houses in Ingleby Barwick are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are purchasing in Ingleby Barwick in which case you should be shopping around for a Ingleby Barwick conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’sconsent to carry out changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the property is located on an estate. Your solicitor will appraise you on the various issues.
I own a leasehold flat in Ingleby Barwick. Conveyancing and Coventry Building Society mortgage went though with no issue. I have received a letter 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 1993. The conveyancing practitioner in Ingleby Barwick who previously acted has now retired.What should I do?
The first thing you should do is make enquiries of the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Ingleby Barwick conveyancing firm to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I work for a busy estate agent office in Ingleby Barwick where we have experienced a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given contradictory information from local Ingleby Barwick conveyancing firms. Can you shed some light as to whether the vendor of a flat can commence the lease extension process for the buyer?
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 can avoid having to sit tight for 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 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.
What are your top tips when it comes to choosing a Ingleby Barwick conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Ingleby Barwick conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with several firms including non Ingleby Barwick conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- How familiar is the firm with lease extension legislation?
I own a 2 bed flat in Ingleby Barwick, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Ingleby Barwick with over 90 years remaining are worth £170,000. The average or mid-range amount of ground rent is £50 yearly. The lease finishes on 21st October 2096
With just 72 years left to run we estimate the premium for your lease extension to be between £10,500 and £12,000 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.