Frequently asked questions relating to Longhope leasehold conveyancing
I today plan to offer on a house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have since found out that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Longhope. Conveyancing lawyers have are about to be instructed. Will they explain the issues?
The majority of houses in Longhope are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Longhope in which case you should be shopping around for a Longhope conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’spermission to conduct alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your conveyancer will appraise you on the various issues.
I've recently bought a leasehold flat in Longhope. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous owner 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. A critical element 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).
What advice can you give us when it comes to appointing a Longhope conveyancing practice to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Longhope conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Longhope conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- Can they put you in touch with client in Longhope who can give a testimonial?
Can you provide any advice for leasehold conveyancing in Longhope with the aim of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Longhope can be bypassed where you appoint lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information which will be required by the buyers lawyers.
- If you have carried out any alterations to the property would they have required Landlord’s consent? In particular have you installed wooden flooring? Most leases in Longhope state that internal structural alterations or laying down wooden flooring necessitate a licence issued by the Landlord acquiescing to such alterations. Should you fail to have the consents to hand you should not contact the landlord without checking with your lawyer in the first instance.
All being well we will complete the sale of our £325000 garden flat in Longhope next week. The freeholder has quoted £396 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Longhope?
Longhope conveyancing on leasehold flats normally necessitates the buyer’s conveyancer sending questions for the landlord to answer. Although the landlord is under no legal obligation to answer these enquiries most will be willing to assist. They may invoice a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some cases it is above £800. The administration charge required by the landlord must be accompanied by a summary of rights and obligations in respect of administration fees, otherwise the charge is not strictly payable. Reality however dictates that you have no choice but to pay whatever is requested of you should you wish to complete the sale of your home.
I invested in buying a studio flat in Longhope, conveyancing formalities finalised half a dozen years ago. 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? Similar properties in Longhope with over 90 years remaining are worth £191,000. The ground rent is £65 invoiced every year. The lease ends on 21st October 2076
You have 56 years remaining on your lease we estimate the premium for your lease extension to be between £28,500 and £33,000 as well as costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.