Common questions relating to Leigh On Sea leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Leigh On Sea. Before diving in I would like to find out the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and most are in Leigh On Sea - then the leasehold title will always include the short particulars 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.
Looking forward to exchange soon on a ground floor flat in Leigh On Sea. Conveyancing lawyers inform me that they are sending me a report next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Leigh On Sea should include some of the following:
- The total extent of the demise. This will be the property itself but could also include a loft or cellar if applicable.
I've recently bought a leasehold house in Leigh On Sea. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, 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 be sure 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).
Completion in due on the disposal of our £500000 maisonette in Leigh On Sea in 5 days. The management company has quoted £360 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Leigh On Sea?
Leigh On Sea conveyancing on leasehold maisonettes more often than not requires the buyer’s lawyer sending questions 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 entitled 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 £350, in some cases it is in excess of £800. The management information fee invoiced by the landlord must be sent together with a summary of rights and obligations in relation to administration fees, without which the charge is technically not due. Reality however dictates that you have no option but to pay whatever is demanded if you want to sell the property.
When it comes to leasehold conveyancing in Leigh On Sea what are the most common lease defects?
Leasehold conveyancing in Leigh On Sea is not unique. Most leases are individual and drafting errors can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the building
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Leeds Building Society, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the buyer to pull out.
I own a split level flat in Leigh On Sea, conveyancing formalities finalised 2000. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Leigh On Sea with a long lease are worth £186,000. The ground rent is £60 yearly. The lease expires on 21st October 2091
With only 66 years unexpired we estimate the price of your lease extension to be between £14,300 and £16,400 plus costs.
The figure above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously want to 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.
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