Examples of recent questions relating to leasehold conveyancing in Little Bromwich
Expecting to exchange soon on a studio apartment in Little Bromwich. Conveyancing lawyers inform me that they are sending me a report tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Little Bromwich should include some of the following:
- You should receive a copy of the lease
I work for a busy estate agency in Little Bromwich where we have experienced a number of flat sales put at risk due to short leases. I have received inconsistent advice from local Little Bromwich conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can start the lease extension process for the buyer?
As long as 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 need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible 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.
Do you have any advice for leasehold conveyancing in Little Bromwich from the perspective of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Little Bromwich can be avoided if you get in touch lawyers the minute you market your property and ask them to collate the leasehold information which will be required by the buyers solicitors.
- If you have carried out any alterations to the residence would they have required Landlord’s permission? In particular have you laid down wooden flooring? Little Bromwich leases often stipulate that internal structural changes or addition of wooden flooring calls for a licence issued by the Landlord approving such changes. Where you fail to have the approvals to hand do not communicate with the landlord without checking with your solicitor first.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £500000 apartment in Little Bromwich next week. The management company has quoted £360 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Little Bromwich?
Little Bromwich conveyancing on leasehold flats often requires the purchaser’s solicitor submitting questions for the landlord to answer. Although the landlord is not legally bound to answer these enquiries the majority will be willing to do so. They are entitled invoice a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some transactions it is in excess of £800. The management information fee invoiced by the landlord must be sent together with a summary of entitlements and obligations in respect of administration fees, otherwise the invoice is not strictly payable. In reality one has little option but to pay whatever is requested of you should you wish to complete the sale of your home.
What are the frequently found deficiencies that you encounter in leases for Little Bromwich properties?
Leasehold conveyancing in Little Bromwich is not unique. Most leases are individual and drafting errors can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the premises
- 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 will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, The Mortgage Works, and Alliance & Leicester 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 grant the mortgage, obliging the purchaser to withdraw.
I bought a basement flat in Little Bromwich, conveyancing having been completed 4 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Little Bromwich with an extended lease are worth £227,000. The ground rent is £50 invoiced annually. The lease ends on 21st October 2088
With just 66 years remaining on your lease we estimate the price of your lease extension to span between £13,300 and £15,400 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. You should 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 you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.