Questions and Answers: Keswick leasehold conveyancing
Planning to sign contracts shortly on a basement flat in Keswick. Conveyancing solicitors inform me that they report fully next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Keswick 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’m about to sell my 2 bed flat in Keswick.Conveyancing lawyers have not yet been instructed but I have just had a yearly service charge invoice – Do I pay up?
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 today plan to offer on a house that seems to meet my requirements, at a great price which is making it more attractive. I have subsequently found out that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Keswick. Conveyancing solicitors have are about to be instructed. Will they explain the issues?
Most houses in Keswick are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Keswick in which case you should be looking for a Keswick conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’sconsent to carry out alterations. You may also be required to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your conveyancer will report to you on the legal implications.
My wife and I purchased a leasehold flat in Keswick. Conveyancing and National Westminster Bank mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Keswick who acted for me is not around.What should I do?
First make enquiries of the Land Registry to be sure that the individual claiming to own the freehold is in fact the new freeholder. You do not need to instruct a Keswick 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 am employed by a reputable estate agency in Keswick where we have experienced a number of flat sales jeopardised as a result of short leases. I have been given inconsistent advice from local Keswick conveyancing solicitors. Can you shed some light as to whether the vendor of a flat can start the lease extension formalities for the buyer?
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 proposed purchaser need not have 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 before, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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.
I acquired a ground floor flat in Keswick, conveyancing having been completed 2000. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Keswick with an extended lease are worth £175,000. The ground rent is £65 per annum. The lease expires on 21st October 2090
With 70 years remaining on your lease we estimate the premium for your lease extension to span between £8,600 and £9,800 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.