Examples of recent questions relating to leasehold conveyancing in Machen
I am on look out for some leasehold conveyancing in Machen. Before diving in I would like to find out the remaining lease term.
If the lease is recorded at the land registry - and almost all are in Machen - then the leasehold title will always include the basic details 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.
Estate agents have just been given the go-ahead to market my basement flat in Machen.Conveyancing is yet to be initiated but I have just received a quarterly maintenance charge demand – what should I do?
The sensible thing to do is clear 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.
Back In 2005, I bought a leasehold house in Machen. Conveyancing and Birmingham Midshires mortgage are in place. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Machen who previously acted has now retired.Any advice?
The first thing you should do is make enquiries of HMLR to make sure that this person is in fact the new freeholder. There is no need to instruct a Machen conveyancing practitioner to do this as you can do this on the Land Registry website for a few pound. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am employed by a reputable estate agent office in Machen where we see a few flat sales jeopardised due to short leases. I have been given contradictory information from local Machen conveyancing solicitors. Could you confirm whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £375000 apartment in Machen on Monday in a week. The landlords agents has quoted £336 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Machen?
Machen conveyancing on leasehold maisonettes usually requires the purchaser’s conveyancer sending enquiries for the landlord to answer. Although the landlord is not legally bound to address these enquiries the majority will be content to do so. They are at liberty charge a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The administration charge required by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration fees, otherwise the invoice is technically not due. In reality one has little choice but to pay whatever is requested of you if you want to sell the property.
I invested in buying a ground floor flat in Machen, conveyancing having been completed 2004. How much will my lease extension cost? Comparable properties in Machen with over 90 years remaining are worth £170,000. The average or mid-range amount of ground rent is £55 yearly. The lease comes to an end on 21st October 2097
You have 72 years remaining on your lease the likely cost is going to span between £10,500 and £12,000 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. 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 take any other action based on this information without first seeking the advice of a professional.
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