Guaranteed fixed fees for Leasehold Conveyancing in Newbiggin By The Sea

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Newbiggin By The Sea leasehold conveyancing: Q and A’s

Having had my offer accepted I require leasehold conveyancing in Newbiggin By The Sea. Before diving in I would like to find out the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and almost all are in Newbiggin By The Sea - 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.

I've found a house that appears to be perfect, at a reasonable price which is making it all the more appealing. I have subsequently discovered that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Newbiggin By The Sea. Conveyancing solicitors have are about to be instructed. Will they explain the issues?

Most houses in Newbiggin By The Sea are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Newbiggin By The Sea so you should seriously consider shopping around for a Newbiggin By The Sea conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your lawyer will report to you on the legal implications.

Last month I purchased a leasehold flat in Newbiggin By The Sea. Do I have any liability for 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. A critical element 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).

What advice can you give us when it comes to appointing a Newbiggin By The Sea conveyancing firm to carry out our lease extension conveyancing?

When appointing a conveyancer for lease extension works (regardless if they are a Newbiggin By The Sea conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with two or three firms including non Newbiggin By The Sea conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:

  • How familiar is the practice with lease extension legislation?
  • Can they put you in touch with client in Newbiggin By The Sea who can give a testimonial?

    • Can you provide any top tips for leasehold conveyancing in Newbiggin By The Sea with the aim of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Newbiggin By The Sea can be reduced if you get in touch lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold documentation needed by the purchasers’ conveyancers.
    • The majority landlords or Management Companies in Newbiggin By The Sea levy fees for supplying management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management information sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Newbiggin By The Sea.
  • If you have carried out any alterations to the premises would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Newbiggin By The Sea leases often stipulate that internal structural alterations or laying down wooden flooring require a licence from the Landlord approving such works. Should you fail to have the paperwork to hand do not contact the landlord without contacting your solicitor first.
  • Some Newbiggin By The Sea 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 put in hand bank and professional references. The bank reference should make it clear that the buyer is 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 purchasers or their solicitors.
  • If there is a history of conflict with your freeholder or managing agents it is very important that these are resolved before the property is marketed. The buyers and their solicitors will be concerned about purchasing a flat where a dispute is unsettled. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to completion of the sale. 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 details of the dispute to the purchasers, but it is better to reveal the dispute as historic as opposed to unresolved.

    • I acquired a 2 bed flat in Newbiggin By The Sea, conveyancing was carried out 7 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Newbiggin By The Sea with a long lease are worth £188,000. The ground rent is £50 per annum. The lease terminates on 21st October 2076

    You have 51 years unexpired the likely cost is going to be between £37,100 and £42,800 plus plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Newbiggin By The Sea