Common questions relating to Looe leasehold conveyancing
Looking forward to exchange soon on a garden flat in Looe. Conveyancing lawyers assured me that they report fully tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Looe should include some of the following:
- Will you be prohibited or prevented from having pets in the property?
I own a leasehold house in Looe. Conveyancing and The Royal Bank of Scotland mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1996. The conveyancing practitioner in Looe who previously acted has long since retired.Do I pay?
First contact the Land Registry to be sure that the individual claiming to own the freehold is indeed the new freeholder. There is no need to instruct a Looe conveyancing lawyer to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Last month I purchased a leasehold property in Looe. Do I have any liability for service charges for periods before completion of my purchase?
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 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).
Do you have any top tips for leasehold conveyancing in Looe from the point of view of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Looe can be bypassed if you instruct lawyers the minute your agents start marketing the property and ask them to collate the leasehold documentation needed by the purchasers’ solicitors.
- Many freeholders or Management Companies in Looe levy fees for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Looe.
We expect to complete the sale of our £500000 flat in Looe in just under a week. The freeholder has quoted £312 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Looe?
Looe conveyancing on leasehold flats usually involves the buyer’s solicitor submitting questions for the landlord to address. Although the landlord is not legally bound to address such questions the majority will be content to do so. They are entitled charge a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some cases it is in excess of £800. The administration charge demanded by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration charges, without which the charge is technically not due. In reality one has no choice but to pay whatever is requested of you should you wish to complete the sale of your home.
I acquired a leasehold flat in Looe, conveyancing having been completed 2001. 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? Equivalent flats in Looe with a long lease are worth £200,000. The ground rent is £50 yearly. The lease expires on 21st October 2090
With just 65 years left to run the likely cost is going to be between £14,300 and £16,400 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.
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