Recently asked questions relating to Kings Norton leasehold conveyancing
I today plan to offer on a house that appears to meet my requirements, at a great figure which is making it all the more appealing. I have since discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Kings Norton. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
Most houses in Kings Norton are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Kings Norton in which case you should be shopping around for a Kings Norton conveyancing solicitor and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be at liberty 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. It may be necessary to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your solicitor should appraise you on the various issues.
My wife and I purchased a leasehold flat in Kings Norton. Conveyancing and Godiva Mortgages Ltd mortgage are in place. A letter has just been received from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing practitioner in Kings Norton who previously acted has long since retired.What should I do?
First contact the Land Registry to make sure that this person is in fact the new freeholder. You do not need to instruct a Kings Norton conveyancing lawyer to do this as it can be done on-line for £3. You should note that in any event, 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 employed by a reputable estate agency in Kings Norton where we have experienced a number of flat sales jeopardised due to short leases. I have been given conflicting advice from local Kings Norton conveyancing solicitors. Can you clarify whether the seller of a flat can initiate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
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 purchaser.
Do you have any advice for leasehold conveyancing in Kings Norton from the point of view of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Kings Norton can be avoided where you get in touch lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information which will be required by the buyers solicitors.
- The majority landlords or managing agents in Kings Norton levy fees for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for on or before finding 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 delay in leasehold conveyancing in Kings Norton.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £325000 apartment in Kings Norton next week. The freeholder has quoted £312 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Kings Norton?
Kings Norton conveyancing on leasehold flats often necessitates the buyer’s lawyer submitting questions for the landlord to address. Although the landlord is not legally bound to respond to these enquiries the majority will be content to assist. They are at liberty charge a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The administration charge invoiced by the landlord must be sent together with a synopsis of entitlements and obligations in respect of administration fees, without which the invoice is technically not due. Reality however dictates that you have no choice but to pay whatever is demanded should you wish to sell the property.
I purchased a 2 bed flat in Kings Norton, conveyancing having been completed in 2010. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Kings Norton with a long lease are worth £200,000. The average or mid-range amount of ground rent is £60 per annum. The lease ceases on 21st October 2097
With 76 years left to run we estimate the premium for your lease extension to span between £12,400 and £14,200 plus costs.
The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.