Common questions relating to Knutsford leasehold conveyancing
I today plan to offer on a house that appears to be perfect, at a great figure which is making it more attractive. I have just found out that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Knutsford. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Knutsford ?
The majority of houses in Knutsford are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are buying in Knutsford so you should seriously consider looking for a Knutsford conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’spermission to carry out alterations. You may also be required to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your lawyer should report to you on the legal implications.
My wife and I purchased a leasehold flat in Knutsford. Conveyancing and Accord Mortgages Ltd mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Knutsford who acted for me is not around.Do I pay?
The first thing you should do is contact HMLR to be sure that this person is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Knutsford conveyancing practitioner to do this as it can be done on-line for £3. 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've recently bought a leasehold house in Knutsford. Am I liable to pay service charges for periods before completion of my purchase?
In a situation 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. 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).
What advice can you give us when it comes to finding a Knutsford conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a Knutsford conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with two or three firms including non Knutsford conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- If the firm is not ALEP accredited then what is the reason?
Completion in due on the sale of our £300000 flat in Knutsford next week. The freeholder has quoted £300 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Knutsford?
Knutsford conveyancing on leasehold apartments normally involves the buyer’s conveyancer sending questions for the landlord to answer. Although the landlord is under no legal obligation to answer such questions most will be content to do so. They may invoice a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The administration charge required by the landlord must be sent together with a synopsis of rights and obligations in respect of administration fees, otherwise the invoice is not strictly payable. Reality however dictates that you have little option but to pay whatever is requested of you if you want to exchange contracts with the buyer.
I acquired a 2 bed flat in Knutsford, conveyancing was carried out 1996. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Knutsford with over 90 years remaining are worth £238,000. The ground rent is £45 invoiced annually. The lease comes to an end on 21st October 2071
With only 51 years remaining on your lease the likely cost is going to range between £39,900 and £46,200 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.