Experts for Leasehold Conveyancing in Market Deeping

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Frequently asked questions relating to Market Deeping leasehold conveyancing

My wife and I purchased a leasehold flat in Market Deeping. Conveyancing and Santander mortgage organised. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Market Deeping who previously acted has long since retired.Do I pay?

First make enquiries of the Land Registry to make sure that this person is in fact the new freeholder. It is not necessary to incur the fees of a Market Deeping conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am employed by a long established estate agent office in Market Deeping where we see a number of leasehold sales derailed due to leases having less than 80 years remaining. I have received conflicting advice from local Market Deeping conveyancing firms. Can you shed some light as to whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?

Provided that 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 to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.

Alternatively, it may be possible 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 purchaser.

What are your top tips when it comes to finding a Market Deeping conveyancing firm to deal with our lease extension?

When appointing a conveyancer for your lease extension (regardless if they are a Market Deeping conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with several firms including non Market Deeping conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:

  • If the firm is not ALEP accredited then what is the reason?
  • What are the legal fees for lease extension conveyancing?

    • Do you have any advice for leasehold conveyancing in Market Deeping with the purpose of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Market Deeping can be avoided where you get in touch lawyers the minute your agents start marketing the property and ask them to put together the leasehold documentation needed by the buyers representatives.
    • Many landlords or Management Companies in Market Deeping charge for providing management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Market Deeping.
  • If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you installed wooden flooring? Most leases in Market Deeping state that internal structural changes or laying down wooden flooring necessitate a licence issued by the Landlord consenting to such alterations. Should you fail to have the consents to hand you should not communicate with the landlord without checking with your lawyer in the first instance.
  • Some Market Deeping leases require Landlord’s consent to the sale and approval of the buyers. 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. The bank reference will need to confirm that the buyers are able to meet 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 service charge figures so that they can pass this information on to the buyers or their solicitors.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check via your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is below 75 years. It is therefore important at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £350000 flat in Market Deeping next Friday . The managing agents has quoted £372 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Market Deeping?

    Market Deeping conveyancing on leasehold flats more often than not necessitates the purchaser’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer these enquiries most will be content to do so. They may invoice a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some cases it is above £800. The management information fee demanded by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration charges, otherwise the invoice is technically not due. Reality however dictates that one has little option but to pay whatever is demanded should you wish to complete the sale of your home.

    Market Deeping Leasehold Conveyancing - Sample of Queries Prior to Purchasing

      This question is helpful as a) areas could result in problems for the building as the common areas may begin to deteriorate if services are not paid for b) if the leasehold owners have an issue with the running of the building you will need to know about it How many of the leaseholders are in arrears for their service charge payments? Be sure to investigate if there are any onerous restrictions in the lease. For instance plenty of leases prohibit pets being permitted in in a block in Market Deeping. If you love the apartmentin Market Deeping however your cat can’t move with you then you will be presented with a difficult choice.

    Other Topics

    Lease Extensions in Market Deeping