Ladywood leasehold conveyancing Example Support Desk Enquiries
I have just appointed agents to market my basement apartment in Ladywood.Conveyancing solicitors are to be appointed soon but I have just had a quarterly maintenance charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should pay 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. This will smooth the conveyancing process.
I've found a house that appears to meet my requirements, at a great price which is making it more attractive. I have subsequently found out that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Ladywood. Conveyancing advisers have not yet been appointed. Will they explain the issues?
Most houses in Ladywood are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Ladywood in which case you should be looking for a Ladywood conveyancing solicitor and check that they have experience in 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 entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’sconsent to carry out alterations. You may also be required to pay a contribution towards the maintenance 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 Ladywood. Conveyancing and Skipton Building Society mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Ladywood who acted for me is not around.Do I pay?
The first thing you should do is make enquiries of HMLR to make sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to instruct a Ladywood conveyancing firm to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am tempted by the attractive purchase price for a two apartments in Ladywood which have in the region of forty five years remaining on the lease term. Will this present a problem?
There are plenty of short leases in Ladywood. The lease is a right to use the premises for a prescribed time frame. As the lease shortens the saleability of the lease deteriorate and results in it becoming more costly to acquire a lease extension. For this reason it is often a good idea to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this arena
Can you offer any advice when it comes to finding a Ladywood conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Ladywood conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non Ladywood conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- How experienced is the practice with lease extension legislation?
I acquired a 1st floor flat in Ladywood, conveyancing formalities finalised in 2004. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Ladywood with a long lease are worth £181,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease terminates on 21st October 2102
With only 80 years remaining on your lease we estimate the price of your lease extension to span between £7,600 and £8,800 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.