Guaranteed fixed fees for Leasehold Conveyancing in Keswick

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Sample questions relating to Keswick leasehold conveyancing

My wife and I purchased a leasehold flat in Keswick. Conveyancing and Alliance & Leicester mortgage are in place. A letter has just been received 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 1991. The conveyancing practitioner in Keswick who previously acted has now 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 registered owner of the freehold reversion. There is no need to instruct a Keswick conveyancing solicitor to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am looking at a couple of maisonettes in Keswick both have approximately 50 years remaining on the leases. Do I need to be concerned?

There are plenty of short leases in Keswick. The lease is a right to use the premises for a period of time. As the lease shortens the marketability of the lease deteriorate and it becomes more costly to acquire a lease extension. This is why it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this field

What are your top tips when it comes to finding a Keswick conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a solicitor for lease extension works (regardless if they are a Keswick conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Keswick 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 useful:

  • How many lease extensions have they completed in Keswick in the last 12 months?
  • What are the charges for lease extension conveyancing?

    • Do you have any top tips for leasehold conveyancing in Keswick with the purpose of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Keswick can be reduced where you instruct lawyers the minute your agents start advertising the property and ask them to put together the leasehold information which will be required by the buyers representatives.
    • Many landlords or Management Companies in Keswick charge for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Keswick.
  • In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Keswick leases often stipulate that internal structural changes or installing wooden flooring calls for a licence issued by the Landlord acquiescing to such changes. Should you dont have the consents to hand you should not contact the landlord without checking with your lawyer first.
  • A minority of Keswick leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • If there is a history of conflict with your landlord or managing agents it is very important that these are settled before the property is marketed. The purchasers and their solicitors will be warry about purchasing a flat where there is a current dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is better to reveal the dispute as over rather than ongoing.

    • Are there common deficiencies that you see in leases for Keswick properties?

    There is nothing unique about leasehold conveyancing in Keswick. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the premises
    • A duty to insure the building
    • 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 will encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Chelsea Building Society, and Britannia all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to withdraw.

    I invested in buying a leasehold flat in Keswick, conveyancing formalities finalised in 2000. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Keswick with an extended lease are worth £198,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease terminates on 21st October 2101

    With only 76 years left to run we estimate the premium for your lease extension to be between £9,500 and £11,000 plus legals.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Keswick