Common questions relating to Luton leasehold conveyancing
I am on look out for some leasehold conveyancing in Luton. Before I get started I require certainty as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and most are in Luton - 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.
Looking forward to complete next month on a ground floor flat in Luton. Conveyancing lawyers inform me that they will have a report out to me within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Luton should include some of the following:
- You should receive a copy of the lease
Estate agents have just been given the go-ahead to market my 2 bed flat in Luton.Conveyancing lawyers have not yet been instructed but I have just had a quarterly maintenance charge demand – what should I do?
It best that you pay the invoice 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 management companies will not acknowledge the buyer until 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.
I am looking at a two flats in Luton which have about fifty years left on the leases. Do I need to be concerned?
A lease is a right to use the property for a prescribed time frame. As the lease shortens the marketability of the lease reduces and results in it becoming more expensive to extend the lease. This is why it is generally wise to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional help from a conveyancer and surveyor with experience in this arena
All being well we will complete the sale of our £150000 garden flat in Luton on Wednesday in a week. The freeholder has quoted £324 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Luton?
For most leasehold sales in Luton conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering pre-contract enquiries
- Where consent is required before sale in Luton
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I purchased a 1st floor flat in Luton, conveyancing having been completed in 2008. Can you work out an approximate cost of a lease extension? Equivalent properties in Luton with a long lease are worth £256,000. The ground rent is £50 per annum. The lease comes to an end on 21st October 2083
With just 58 years left to run we estimate the price of your lease extension to range between £28,500 and £33,000 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.
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