Top Five Questions relating to Kingsbridge leasehold conveyancing
Due to complete next month on a garden flat in Kingsbridge. Conveyancing solicitors have said that they are sending me a report within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Kingsbridge should include some of the following:
- The total extent of the demise. This will be the apartment itself but could also incorporate a loft or cellar if appropriate.
I have just appointed agents to market my ground floor flat in Kingsbridge.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly service charge invoice – should I leave it to the buyer to sort out?
It best that you 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. Having a clear account will assist your cause and will leave you no worse off financially.
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a reasonable figure which is making it all the more appealing. I have just discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Kingsbridge. Conveyancing lawyers have are about to be instructed. Will they explain the issues?
Most houses in Kingsbridge are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent 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 tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’spermission to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your conveyancer should appraise you on the various issues.
Last month I purchased a leasehold flat in Kingsbridge. Am I liable to pay service charges for periods before my ownership?
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 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).
When it comes to leasehold conveyancing in Kingsbridge what are the most common lease problems?
There is nothing unique about leasehold conveyancing in Kingsbridge. All leases are unique and legal mistakes in the legal wording can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations 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
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Norwich and Peterborough Building Society, and Clydesdale all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to withdraw.
I acquired a leasehold flat in Kingsbridge, conveyancing having been completed 10 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Kingsbridge with an extended lease are worth £230,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease runs out on 21st October 2091
With 70 years unexpired we estimate the price of your lease extension to be between £8,600 and £9,800 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use this information in tribunal or court proceedings. 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 seeking the advice of a professional.