Frequently asked questions relating to Laindon leasehold conveyancing
Looking forward to exchange soon on a basement flat in Laindon. Conveyancing lawyers assured me that they are sending me a report next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Laindon should include some of the following:
- How long the lease is You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
I’m about to sell my garden apartment in Laindon.Conveyancing has not commenced but I have just received a half-yearly maintenance charge invoice – should I leave it to the buyer to sort out?
It best that you 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. Having a clear account will assist your cause and will leave you no worse off financially.
What advice can you give us when it comes to choosing a Laindon conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Laindon conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Laindon conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- How experienced is the practice with lease extension legislation?
Do you have any top tips for leasehold conveyancing in Laindon from the point of view of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Laindon can be avoided where you appoint lawyers as soon as your agents start advertising the property and ask them to put together the leasehold documentation needed by the purchasers’ solicitors.
- The majority landlords or Management Companies in Laindon charge for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Laindon.
We expect to complete our sale of a £150000 maisonette in Laindon in seven days. The freeholder has quoted £420 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Laindon?
Laindon conveyancing on leasehold maisonettes often necessitates the buyer’s solicitor sending questions for the landlord to answer. Although the landlord is not legally bound to address these enquiries most will be content to assist. They may invoice a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The management information fee required by the landlord must be sent together with a summary of entitlements and obligations in respect of administration fees, otherwise the charge is technically not due. In reality one has little option but to pay whatever is requested of you should you wish to sell the property.
I invested in buying a 2 bed flat in Laindon, conveyancing formalities finalised in 2003. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Laindon with over 90 years remaining are worth £190,000. The ground rent is £45 yearly. The lease terminates on 21st October 2087
With 66 years unexpired the likely cost is going to range between £16,200 and £18,600 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.