St Johns leasehold conveyancing Example Support Desk Enquiries
I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have since discovered that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in St Johns. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?
The majority of houses in St Johns are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in St Johns in which case you should be shopping around for a St Johns conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’spermission to conduct changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your solicitor should advise you fully on all the issues.
I am attracted to a two apartments in St Johns both have approximately 50 years unexpired on the leases. Will this present a problem?
A lease is a right to use the property for a prescribed time frame. As a lease gets shorter the value of the lease reduces and it becomes more costly to extend the lease. This is why it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this arena
I've recently bought a leasehold house in St Johns. Am I liable to pay service charges relating to a period prior to 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 ensure 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).
What are your top tips when it comes to finding a St Johns conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a St Johns conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non St Johns conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- If they are not ALEP accredited then why not?
If all goes to plan we aim to complete our sale of a £475000 flat in St Johns on Tuesday in a week. The freeholder has quoted £420 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in St Johns?
St Johns conveyancing on leasehold flats more often than not requires the purchaser’s solicitor sending questions for the landlord to answer. Although the landlord is under no legal obligation to address these enquiries most will be willing to assist. They are entitled invoice a reasonable administration fee for answering enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some situations it is in excess of £800. The administration charge demanded by the landlord must be accompanied by a summary of rights and obligations in relation to administration charges, otherwise the charge is technically not due. Reality however dictates that you have little option but to pay whatever is demanded if you want to exchange contracts with the buyer.
I have tried to negotiate informally with with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a St Johns conveyancing firm to represent me?
Where there is a missing landlord or where there is dispute about what the lease extension should cost, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to calculate the premium.
An example of a Lease Extension decision for a St Johns property is 73 Walerand Road in August 2012. the result of the findings of the Tribunal led to a premium to be paid for the extended lease in respect of Flat 73 in the sum of £10,040. The premium applicable in respect of Flat 85 was £5,710. This case affected 2 flats. The the unexpired term as at the valuation date was 72 years.