Recently asked questions relating to Lytchett Matravers leasehold conveyancing
There are only Sixty One years remaining on my lease in Lytchett Matravers. I am keen to extend my lease but my landlord is can not be found. What should I do?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you have made all reasonable attempts to track down the landlord. On the whole an enquiry agent would be helpful to carry out a search and to produce an expert document which can be used as proof that the freeholder is indeed missing. It is wise to seek advice from a solicitor in relation to proving the landlord’s disappearance and the application to the County Court covering Lytchett Matravers.
Planning to complete next month on a ground floor flat in Lytchett Matravers. Conveyancing solicitors assured me that they will have a report out to me next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Lytchett Matravers should include some of the following:
- Setting out your legal entitlements in relation to the communal areas in the building.By way of example, does the lease provide for a right of way over a path or staircase?
Last month I purchased a leasehold house in Lytchett Matravers. Am I liable to pay service charges for periods before my ownership?
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. However, 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 Lytchett Matravers from the point of view of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Lytchett Matravers can be bypassed where you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold documentation which will be required by the purchasers’ lawyers.
- A minority of Lytchett Matravers leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
Completion in due on the sale of our £425000 apartment in Lytchett Matravers next Monday . The management company has quoted £408 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Lytchett Matravers?
Lytchett Matravers conveyancing on leasehold maisonettes usually necessitates the purchaser’s solicitor sending enquiries for the landlord to address. Although the landlord is not legally bound to respond to these enquiries the majority will be content to assist. They are at liberty charge a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some situations it exceeds £800. The administration charge required by the landlord must be sent together with a summary of rights and obligations in respect of administration charges, without which the invoice is technically not due. Reality however dictates that one has little option but to pay whatever is requested of you if you want to sell the property.
I bought a studio flat in Lytchett Matravers, conveyancing having been completed in 1995. 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? Comparable flats in Lytchett Matravers with a long lease are worth £239,000. The average or mid-range amount of ground rent is £50 per annum. The lease terminates on 21st October 2089
With only 68 years unexpired the likely cost is going to range between £11,400 and £13,200 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should 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.