Questions and Answers: Lechlade leasehold conveyancing
Estate agents have just been given the go-ahead to market my basement apartment in Lechlade.Conveyancing solicitors are to be appointed soon but I have just received a yearly maintenance charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should discharge the service charge 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 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.
My wife and I purchased a leasehold flat in Lechlade. Conveyancing and Platform Home Loans Ltd mortgage are in place. I have received a letter from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in Lechlade who acted for me is not around.What should I do?
First make enquiries of HMLR to be sure that this person is in fact the registered owner of the freehold reversion. You do not need to instruct a Lechlade conveyancing practitioner to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Can you provide any top tips for leasehold conveyancing in Lechlade from the perspective of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Lechlade can be avoided where you instruct lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ conveyancers.
- In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Lechlade leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence issued by the Landlord approving such works. If you dont have the paperwork in place you should not contact the landlord without checking with your lawyer in the first instance.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £125000 apartment in Lechlade in just under a week. The landlords agents has quoted £384 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Lechlade?
Lechlade conveyancing on leasehold maisonettes usually necessitates the buyer’s lawyer submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to respond to such questions the majority will be content to do so. They are at liberty charge a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The administration charge invoiced by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration fees, without which the charge is not strictly payable. Reality however dictates that you have little option but to pay whatever is requested of you if you want to exchange contracts with the buyer.
What are the common problems that you witness in leases for Lechlade properties?
There is nothing unique about leasehold conveyancing in Lechlade. Most leases is drafted differently and drafting errors can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the property
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Bank of Scotland, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the purchaser to pull out.
I acquired a basement flat in Lechlade, conveyancing was carried out 6 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Lechlade with a long lease are worth £241,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease finishes on 21st October 2086
With just 64 years remaining on your lease we estimate the premium for your lease extension to range between £19,000 and £22,000 plus costs.
The figure 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 due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.