Frequently asked questions relating to Kemp Town leasehold conveyancing
Due to complete next month on a basement flat in Kemp Town. Conveyancing solicitors assured me that they report fully next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Kemp Town should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
I own a leasehold flat in Kemp Town. Conveyancing and Clydesdale mortgage organised. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1994. The conveyancing solicitor in Kemp Town who previously acted has long since retired.Any advice?
The first thing you should do is contact the Land Registry to be sure that the individual claiming to own the freehold is in fact the new freeholder. It is not necessary to incur the fees of a Kemp Town conveyancing firm to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am tempted by the attractive purchase price for a couple of maisonettes in Kemp Town both have approximately fifty years left on the lease term. Do I need to be concerned?
A lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the value of the lease reduces and it becomes more expensive to extend the lease. This is why it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this area
We expect to complete the disposal of our £475000 maisonette in Kemp Town in 10 days. The managing agents has quoted £312 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Kemp Town?
Kemp Town conveyancing on leasehold maisonettes normally involves the buyer’s solicitor sending questions for the landlord to answer. Although the landlord is not legally bound to respond to such questions the majority will be content to assist. They are at liberty invoice a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some transactions it is above £800. The administration charge invoiced by the landlord must be sent together with a synopsis of rights and obligations in respect of administration fees, without which the charge is technically not due. In reality one has no option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
In relation to leasehold conveyancing in Kemp Town what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in Kemp Town. All leases are unique and legal mistakes in the legal wording can result in certain provisions are wrong. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the building
- Insurance obligations
- 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 could encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, The Mortgage Works, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to withdraw.
I acquired a 2 bed flat in Kemp Town, conveyancing having been completed 4 years ago. How much will my lease extension cost? Similar properties in Kemp Town with a long lease are worth £260,000. The ground rent is £60 invoiced every year. The lease expires on 21st October 2095
You have 73 years left to run the likely cost is going to range between £11,400 and £13,200 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 cannot give you the actual costs in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.