Questions and Answers: Liverpool leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Liverpool. Before diving in I want to be sure as to the remaining lease term.
Assuming the lease is recorded at the land registry - and 99.9% are in Liverpool - 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.
Expecting to exchange soon on a garden flat in Liverpool. Conveyancing lawyers inform me that they will have a report out to me next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Liverpool should include some of the following:
- The total extent of the demise. This will be the property itself but might incorporate a roof space or basement if appropriate.
Estate agents have just been given the go-ahead to market my garden flat in Liverpool.Conveyancing has not commenced but I have just had a yearly service charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should pay 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. Having a clear account will assist your cause and will leave you no worse off financially.
What are your top tips when it comes to finding a Liverpool conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Liverpool conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Liverpool conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- How familiar is the practice with lease extension legislation?
What makes a Liverpool lease problematic?
There is nothing unique about leasehold conveyancing in Liverpool. All leases is drafted differently and legal mistakes in the legal wording can result in certain sections are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the premises
- 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
You may encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Coventry Building Society, and Platform Home Loans Ltd all have express requirements 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 buyer to withdraw.
I inherited a basement flat in Liverpool, conveyancing was carried out in 1999. 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 properties in Liverpool with a long lease are worth £198,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease ends on 21st October 2087
With only 65 years remaining on your lease we estimate the premium for your lease extension to span between £14,300 and £16,400 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should 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.