Top Five Questions relating to Liverpool leasehold conveyancing
Due to exchange soon on a basement flat in Liverpool. Conveyancing solicitors inform me that they report fully on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Liverpool should include some of the following:
- Does the lease prohibit wood flooring?
My wife and I purchased a leasehold flat in Liverpool. Conveyancing and Coventry Building Society mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1991. The conveyancing solicitor in Liverpool who previously acted has now retired.Any advice?
First make enquiries of the Land Registry to be sure that the individual purporting to own the freehold is indeed the new freeholder. You do not need to incur the fees of a Liverpool conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a couple of flats in Liverpool which have in the region of fifty years left on the leases. Do I need to be concerned?
A lease is a right to use the premises for a period of time. As a lease shortens the marketability of the lease decreases and it becomes more expensive to acquire a lease extension. For this reason it is generally wise to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this area
What advice can you give us when it comes to choosing a Liverpool conveyancing practice to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a Liverpool conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Liverpool conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:
- If they are not ALEP accredited then what is the reason?
Do you have any advice for leasehold conveyancing in Liverpool from the perspective of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Liverpool can be avoided if you appoint lawyers the minute you market your property and request that they start to put together the leasehold information which will be required by the buyers solicitors.
- Many freeholders or Management Companies in Liverpool charge for supplying management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Liverpool.
I inherited a 2 bed flat in Liverpool, conveyancing having been completed in 2010. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Liverpool with over 90 years remaining are worth £258,000. The ground rent is £55 levied per year. The lease ends on 21st October 2090
You have 65 years left to run we estimate the price of your lease extension to span between £15,200 and £17,600 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.
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