Questions and Answers: Lynmouth leasehold conveyancing
Due to sign contracts shortly on a studio apartment in Lynmouth. Conveyancing solicitors assured me that they report fully tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Lynmouth should include some of the following:
- Does the lease prohibit wood flooring?
Estate agents have just been given the go-ahead to market my basement apartment in Lynmouth.Conveyancing has not commenced but I have just received a half-yearly service charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should 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 managing agents 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.
Do you have any top tips for leasehold conveyancing in Lynmouth from the perspective of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Lynmouth can be reduced where 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.
- The majority freeholders or managing agents in Lynmouth charge for supplying management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Lynmouth.
Completion in due on the sale of our £325000 maisonette in Lynmouth next week. The freeholder has quoted £300 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Lynmouth?
Lynmouth conveyancing on leasehold flats usually necessitates the buyer’s lawyer sending questions for the landlord to answer. Although the landlord is under no legal obligation to answer these enquiries the majority will be willing to do so. They are entitled invoice a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some situations it is in excess of £800. The administration charge levied by the landlord must be sent together with a summary of entitlements and obligations in relation to administration fees, without which the invoice is technically not due. In reality you have little option but to pay whatever is requested of you should you wish to sell the property.
What makes a Lynmouth lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Lynmouth. All leases are unique and drafting errors can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the premises
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, The Mortgage Works, and TSB all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the purchaser to withdraw.
I purchased a split level flat in Lynmouth, conveyancing formalities finalised 9 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 Lynmouth with a long lease are worth £190,000. The ground rent is £55 invoiced annually. The lease runs out on 21st October 2074
With 51 years remaining on your lease we estimate the premium for your lease extension to span between £31,400 and £36,200 plus costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.