Top Five Questions relating to Keswick leasehold conveyancing
I only have Fifty years unexpired on my lease in Keswick. I now want to get lease extension but my landlord is missing. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to locate the landlord. On the whole an enquiry agent may be helpful to conduct investigations and to produce an expert document which can be accepted by the court as proof that the freeholder can not be located. It is wise to seek advice from a solicitor in relation to proving the landlord’s absence and the application to the County Court overseeing Keswick.
I have just started marketing my garden apartment in Keswick.Conveyancing has not commenced but I have just received a yearly maintenance charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should clear the invoice 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. This will smooth the conveyancing process.
I've found a house that seems to be perfect, at a reasonable price which is making it more attractive. I have since been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Keswick. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
Most houses in Keswick are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Keswick in which case you should be shopping around for a Keswick conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example 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 lawyer will advise you fully on all the issues.
I am tempted by the attractive purchase price for a two apartments in Keswick which have in the region of forty five years remaining on the leases. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the saleability of the lease reduces and results in it becoming more expensive to extend the lease. This is why it is generally wise to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this area
Completion in due on our sale of a £275000 garden flat in Keswick next Thursday . The landlords agents has quoted £300 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Keswick?
Keswick conveyancing on leasehold apartments normally requires the purchaser’s lawyer sending questions for the landlord to answer. Although the landlord is under no legal obligation to answer these enquiries most will be willing to do so. They may invoice a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some cases it is in excess of £800. The administration charge demanded by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration charges, without which the invoice is technically not due. Reality however dictates that you have no option but to pay whatever is demanded should you wish to complete the sale of your home.
I purchased a split level flat in Keswick, conveyancing having been completed 8 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Keswick with a long lease are worth £252,000. The ground rent is £55 yearly. The lease ends on 21st October 2072
You have 51 years left to run we estimate the price of your lease extension to be between £33,300 and £38,400 as well as legals.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.