Frequently asked questions relating to Meliden leasehold conveyancing
I am in need of some leasehold conveyancing in Meliden. Before I set the wheels in motion I want to be sure as to the remaining lease term.
Assuming the lease is recorded at the land registry - and most are in Meliden - 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.
Back In 2001, I bought a leasehold flat in Meliden. Conveyancing and National Westminster Bank mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1998. The conveyancing practitioner in Meliden who previously acted has long since retired.Any advice?
The first thing you should do is make enquiries of HMLR to be sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Meliden conveyancing firm to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I've recently bought a leasehold flat in Meliden. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee 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 ensure 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 Meliden from the perspective of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Meliden can be avoided where you instruct lawyers the minute you market your property and request that they start to collate the leasehold information needed by the purchasers’ solicitors.
- Many freeholders or managing agents in Meliden levy fees for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for as soon as you have 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 reason for frustration in leasehold conveyancing in Meliden.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £325000 garden flat in Meliden in just under a week. The managing agents has quoted £300 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Meliden?
For the majority of leasehold sales in Meliden conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing pre-contract enquiries
- Where consent is required before sale in Meliden
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I am the registered owner of a 1st floor flat in Meliden, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Meliden with over 90 years remaining are worth £213,000. The ground rent is £55 charged once a year. The lease finishes on 21st October 2100
You have 77 years unexpired we estimate the price of your lease extension to be between £12,400 and £14,200 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.