Examples of recent questions relating to leasehold conveyancing in Kingsbridge
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a great figure which is making it more attractive. I have since found out that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Kingsbridge. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?
Most houses in Kingsbridge are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are buying in Kingsbridge in which case you should be looking for a Kingsbridge conveyancing solicitor and check 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 lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your conveyancer should report to you on the legal implications.
I've recently bought a leasehold property in Kingsbridge. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee 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. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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).
Can you provide any advice for leasehold conveyancing in Kingsbridge from the point of view of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Kingsbridge can be bypassed if you instruct lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the buyers lawyers.
- The majority freeholders or Management Companies in Kingsbridge 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 on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Kingsbridge.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £225000 garden flat in Kingsbridge on Tuesday in a week. The freeholder has quoted £348 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Kingsbridge?
Kingsbridge conveyancing on leasehold flats usually involves the buyer’s lawyer sending enquiries for the landlord to address. Although the landlord is under no legal obligation to answer these enquiries the majority will be willing to assist. They are entitled invoice a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some transactions it is above £800. The administration charge demanded by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration charges, otherwise the charge is not strictly payable. Reality however dictates that one has little option but to pay whatever is demanded if you want to complete the sale of your home.
In relation to leasehold conveyancing in Kingsbridge what are the most frequent lease defects?
Leasehold conveyancing in Kingsbridge is not unique. Most leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the building
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Barnsley Building Society, and Platform Home Loans Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the purchaser to withdraw.
I inherited a ground floor flat in Kingsbridge, conveyancing having been completed in 2002. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Kingsbridge with a long lease are worth £225,000. The average or mid-range amount of ground rent is £45 yearly. The lease expires on 21st October 2096
With just 75 years remaining on your lease the likely cost is going to span between £11,400 and £13,200 as well as 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 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 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 based on this information without first getting professional advice.