Recently asked questions relating to Kings Heath leasehold conveyancing
Expecting to exchange soon on a basement flat in Kings Heath. Conveyancing lawyers have said that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Kings Heath should include some of the following:
- Does the lease require carpeting throughout thus preventing wood flooring?
I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have just been informed that the title is leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in Kings Heath. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Kings Heath ?
The majority of houses in Kings Heath are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are buying in Kings Heath so you should seriously consider shopping around for a Kings Heath conveyancing practitioner and check that they have experience in advising on 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 to the property. The lease comes with conditions such as requiring the freeholder’spermission to conduct alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is part of an estate. Your lawyer should report to you on the legal implications.
I own a leasehold house in Kings Heath. Conveyancing and Santander mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Kings Heath who previously acted has long since retired.Do I pay?
First contact the Land Registry to be sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Kings Heath conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, 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 looking at a couple of flats in Kings Heath both have about forty five years unexpired on the leases. Will this present a problem?
There are plenty of short leases in Kings Heath. The lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the value of the lease reduces and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this arena
Last month I purchased a leasehold flat in Kings Heath. Do I have any liability for service charges for periods before completion of my purchase?
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. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure 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).
I own a 1st floor flat in Kings Heath, conveyancing was carried out 2002. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Kings Heath with over 90 years remaining are worth £230,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease comes to an end on 21st October 2085
With 63 years unexpired the likely cost is going to be between £18,100 and £20,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.