Questions and Answers: Ladywood leasehold conveyancing
I am on look out for some leasehold conveyancing in Ladywood. Before diving in I require certainty as to the unexpired term of the lease.
If the lease is registered - and almost all are in Ladywood - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I have just started marketing my ground floor flat in Ladywood.Conveyancing is yet to be initiated but I have just had a quarterly maintenance charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should 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 unless 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 today plan to offer on a house that appears to tick a lot of boxes, at a great price which is making it more attractive. I have since discovered that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Ladywood. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Ladywood ?
Most houses in Ladywood are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Ladywood in which case you should be shopping around for a Ladywood conveyancing solicitor and be sure that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. 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 requiring the freeholder’spermission to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the house is located on an estate. Your solicitor will appraise you on the various issues.
What are your top tips when it comes to finding a Ladywood conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for lease extension works (regardless if they are a Ladywood conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Ladywood conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:
- How familiar is the firm with lease extension legislation?
All being well we will complete the sale of our £225000 garden flat in Ladywood in 5 days. The landlords agents has quoted £360 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Ladywood?
Ladywood conveyancing on leasehold apartments normally involves the purchaser’s lawyer sending questions for the landlord to answer. Although the landlord is under no legal obligation to answer such questions the majority will be content to assist. They may levy a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some cases it exceeds £800. The management information fee demanded by the landlord must be sent together with a summary of entitlements and obligations in respect of administration fees, otherwise the invoice is not strictly payable. Reality however dictates that one has little option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
I purchased a leasehold flat in Ladywood, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Ladywood with over 90 years remaining are worth £250,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease runs out on 21st October 2099
You have 75 years remaining on your lease the likely cost is going to be between £10,500 and £12,000 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.