Examples of recent questions relating to leasehold conveyancing in Lampeter
Planning to exchange soon on a ground floor flat in Lampeter. Conveyancing lawyers inform me that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Lampeter should include some of the following:
- Does the lease prohibit wood flooring?
I am employed by a long established estate agent office in Lampeter where we see a few flat sales jeopardised due to leases having less than 80 years remaining. I have been given conflicting advice from local Lampeter conveyancing solicitors. Could you shed some light as to whether the seller of a flat can instigate the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
What advice can you give us when it comes to choosing a Lampeter conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Lampeter conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Lampeter conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- How familiar is the firm with lease extension legislation?
Do you have any top tips for leasehold conveyancing in Lampeter from the point of view of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Lampeter can be bypassed if you appoint lawyers the minute you market your property and ask them to put together the leasehold documentation needed by the buyers solicitors.
- The majority landlords or Management Companies in Lampeter charge for providing management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Lampeter.
If all goes to plan we aim to complete the disposal of our £200000 garden flat in Lampeter next week. The management company has quoted £372 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Lampeter?
Lampeter conveyancing on leasehold apartments normally necessitates the purchaser’s lawyer submitting questions for the landlord to answer. Although the landlord is under no legal obligation to respond to these enquiries the majority will be willing to do so. They may levy a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some cases it is in excess of £800. The management information fee invoiced by the landlord must be accompanied by a summary of rights and obligations in relation to administration fees, otherwise the invoice is not strictly payable. Reality however dictates that one has little choice but to pay whatever is demanded if you want to complete the sale of your home.
I inherited a 1 bedroom flat in Lampeter, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Lampeter with an extended lease are worth £264,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease runs out on 21st October 2086
You have 64 years remaining on your lease we estimate the price of your lease extension to be between £20,900 and £24,200 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional issues 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 based on this information without first seeking the advice of a professional.