Leasehold Conveyancing in New Inn - Get a Quote from the leasehold experts approved by your lender

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When it comes to leasehold conveyancing in New Inn, you will need to instruct a conveyancing solicitor with leasehold experience. Whether your mortgage company is to be Lloyds, Birmingham Midshires or Bradford & Bingley make sure you choose a lawyer on their approved list. Find a New Inn conveyancing lawyer with our search tool

New Inn leasehold conveyancing: Q and A’s

Looking forward to sign contracts shortly on a leasehold property in New Inn. Conveyancing solicitors have said that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in New Inn should include some of the following:

  • The total extent of the demise. This will be the flat itself but could also include a roof space or cellar if applicable.
  • Defining your rights in relation to the communal areas in the block.E.G., does the lease contain a right of way over an accessway or hallways?
  • You should be told what constitutes a Nuisance in the lease
  • You should have a good understanding of the insurance provisions
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • Responsibility for repairing the window frames
  • What options are open to you if a neighbour is in violation of a provision in their lease? For a comprehensive list of information to be contained in your report on your leasehold property in New Inn please ask your solicitor in advance of your conveyancing in New Inn

    • Estate agents have just been given the go-ahead to market my 2 bed apartment in New Inn.Conveyancing solicitors are to be appointed soon but I have just received a yearly service charge invoice – Do I pay up?

    It best that you discharge 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 management companies 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. This will smooth the conveyancing process.

    Last month I purchased a leasehold house in New Inn. Am I liable to pay service charges relating to a period prior to my ownership?

    In a situation 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).

    Can you offer any advice when it comes to choosing a New Inn conveyancing firm to deal with our lease extension?

    If you are instructing a solicitor for lease extension works (regardless if they are a New Inn conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non New Inn conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:

    • How experienced is the practice with lease extension legislation?
  • What are the legal fees for lease extension conveyancing?

    • Can you provide any top tips for leasehold conveyancing in New Inn from the point of view of saving time on the sale process?

    • A significant proportion of the delay in leasehold conveyancing in New Inn can be bypassed if you instruct lawyers as soon as your agents start marketing the property and ask them to collate the leasehold documentation which will be required by the buyers lawyers.
    • The majority landlords or Management Companies in New Inn charge for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management information sought 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 cause of delay in leasehold conveyancing in New Inn.
  • If there is a history of any disputes with your freeholder or managing agents it is very important that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as historic rather than unresolved.
  • If you are supposed to have a share in the freehold, you should make sure that you hold the original share certificate. Obtaining a duplicate share certificate is often a time consuming process and frustrates many a New Inn home move. Where a duplicate share is necessary, do contact the company officers or managing agents (if relevant) for this as soon as possible.
  • You believe that you know the number of years left on your lease but you should verify this via your lawyers. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is less than 80 years. In the circumstances it is important at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • I bought a 1st floor flat in New Inn, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in New Inn with over 90 years remaining are worth £212,000. The ground rent is £45 per annum. The lease ends on 21st October 2099

    With 74 years left to run we estimate the premium for your lease extension to range between £9,500 and £11,000 as well as legals.

    The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in New Inn