Kingswood leasehold conveyancing Example Support Desk Enquiries
Expecting to exchange soon on a studio apartment in Kingswood. Conveyancing lawyers have said that they will have a report out to me next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Kingswood should include some of the following:
- You should receive a copy of the lease
I am looking at a two apartments in Kingswood both have about 50 years remaining on the lease term. Will this present a problem?
There is no doubt about it. A leasehold apartment in Kingswood is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. The majority of purchasers and lenders, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Kingswood conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
What are your top tips when it comes to choosing a Kingswood conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Kingswood conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Kingswood conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:
- Can they put you in touch with client in Kingswood who can give a testimonial?
Can you provide any top tips for leasehold conveyancing in Kingswood with the aim of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Kingswood can be bypassed where you appoint lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold documentation needed by the buyers solicitors.
- Many freeholders or Management Companies in Kingswood levy fees for supplying management packs for a leasehold property. You or your lawyers should enquire as to 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 cause of frustration in leasehold conveyancing in Kingswood.
Completion in due on our sale of a £450000 garden flat in Kingswood in just under a week. The landlords agents has quoted £408 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Kingswood?
Kingswood conveyancing on leasehold maisonettes normally requires the purchaser’s conveyancer submitting questions for the landlord to answer. Although the landlord is under no legal obligation to answer these enquiries most will be willing to assist. They may invoice a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some situations it is above £800. The administration charge demanded by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration fees, without which the charge is technically not due. Reality however dictates that one has no choice but to pay whatever is requested of you if you want to complete the sale of your home.
Leasehold Conveyancing in Kingswood - A selection of Questions you should consider Prior to Purchasing
For many Kingswood leaseholds the outlay for major works are not included within maintenance charges, although some managing agents in Kingswood ask leaseholders to contribute towards a sinking fund and this is used to offset against larger repairs or maintenance.
How much is the ground rent and service charge?
What prohibitions are contained in the Kingswood Lease?