Lanchester leasehold conveyancing Example Support Desk Enquiries
I’m about to sell my basement flat in Lanchester.Conveyancing solicitors are to be appointed soon but I have just had a yearly service charge demand – should I leave it to the buyer to sort out?
It best that you 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 managing agents 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 recently bought a leasehold house in Lanchester. Do I have any liability for service charges relating to a period prior to completion of my purchase?
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 ensure 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).
I am employed by a long established estate agent office in Lanchester where we have experienced a few flat sales put at risk due to leases having less than 80 years remaining. I have been given inconsistent advice from local Lanchester conveyancing firms. Please can you confirm whether the owner of a flat can initiate the lease extension formalities 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. This means that the buyer can avoid having to sit tight for 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 at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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 purchaser.
Completion in due on the sale of our £200000 maisonette in Lanchester in 10 days. The landlords agents has quoted £408 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 Lanchester?
For most leasehold sales in Lanchester conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering conveyancing due diligence enquiries
- Where consent is required before sale in Lanchester
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
When it comes to leasehold conveyancing in Lanchester what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Lanchester. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the building
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You may have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Chelsea Building Society, and Nottingham Building Society all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to pull out.
I invested in buying a 1 bedroom flat in Lanchester, conveyancing formalities finalised in 2005. 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? Corresponding flats in Lanchester with an extended lease are worth £196,000. The ground rent is £65 invoiced every year. The lease ends on 21st October 2095
With only 69 years left to run we estimate the premium for your lease extension to be between £9,500 and £11,000 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.
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