Top Five Questions relating to Kemp Town leasehold conveyancing
Planning to exchange soon on a garden flat in Kemp Town. Conveyancing solicitors have said that they report fully on Monday. 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:
- The length of the lease term You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years
- The physical extent of the premises. This will be the apartment itself but might incorporate a roof space or basement if applicable.
- Will you be prohibited or prevented from having pets in the property?
- Ground rent - how much and when you need to pay, and also know whether this will change in the future
- You should have a good understanding of the insurance provisions
- What you can do if a neighbour breach a clause of their lease?
- What the implications are if you breach a clause of your lease?
Back In 2001, I bought a leasehold flat in Kemp Town. Conveyancing and Britannia mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Kemp Town who acted for me is not around.Any advice?
The first thing you should do is make enquiries of the Land Registry to be sure that this person is indeed the new freeholder. There is no need to incur the fees of a Kemp Town conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I've recently bought a leasehold house in Kemp Town. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Can you offer any advice when it comes to finding a Kemp Town conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Kemp Town conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Kemp Town conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:
- How familiar is the practice with lease extension legislation?
- Can they put you in touch with client in Kemp Town who can give a testimonial?
Completion in due on our sale of a £ 375000 maisonette in Kemp Town in just under a week. The freeholder has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Kemp Town?
For the majority of leasehold sales in Kemp Town conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing conveyancing due diligence enquiries
- Where consent is required before sale in Kemp Town
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I bought a basement flat in Kemp Town, conveyancing was carried out in 2009. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Kemp Town with a long lease are worth £220,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease expires on 21st October 2082
With just 56 years remaining on your lease we estimate the price of your lease extension to range between £29,500 and £34,000 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 supply the actual costs in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.