Fixed-fee leasehold conveyancing in Newent:

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Newent leasehold conveyancing: Q and A’s

I am hoping to put an offer on a small detached house that seems to meet my requirements, at a great price which is making it all the more appealing. I have subsequently discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Newent. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Newent ?

Most houses in Newent are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Newent so you should seriously consider shopping around for a Newent conveyancing solicitor and check that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’sconsent to conduct alterations. You may also be required to pay a contribution towards the maintenance of the estate where the property is located on an estate. Your solicitor should report to you on the legal implications.

Last month I purchased a leasehold flat in Newent. Am I liable to pay service charges relating to a period prior to completion of my purchase?

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 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).

What advice can you give us when it comes to appointing a Newent conveyancing practice to carry out our lease extension conveyancing?

When appointing a solicitor for your lease extension (regardless if they are a Newent conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with two or three firms including non Newent conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:

  • How experienced is the practice with lease extension legislation?
  • If they are not ALEP accredited then what is the reason?

    • Do you have any top tips for leasehold conveyancing in Newent with the intention of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Newent can be bypassed where you instruct lawyers as soon as your agents start advertising the property and ask them to put together the leasehold information needed by the purchasers’ representatives.
    • In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Most leases in Newent state that internal structural changes or laying down wooden flooring calls for a licence issued by the Landlord approving such changes. If you dont have the paperwork to hand you should not contact the landlord without checking with your solicitor in the first instance.
  • If you have had conflict with your landlord or managing agents it is very important that these are resolved before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of 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 reveal the dispute as historic rather than unresolved.
  • If you are supposed to have a share in the Management Company, you should make sure that you hold the original share certificate. Organising a replacement share certificate can be a time consuming process and frustrates many a Newent conveyancing deal. Where a duplicate share is required, you should approach the company officers or managing agents (if applicable) for this as soon as possible.
  • You may think that you are aware of the number of years remaining on your lease but you should double-check by asking your lawyers. A buyer’s lawyer will be unlikely to recommend their client to where the remaining number of years is less than 75 years. It is therefore essential at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • All being well we will complete the sale of our £250000 garden flat in Newent in just under a week. The management company has quoted £312 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Newent?

    Newent conveyancing on leasehold apartments normally necessitates the buyer’s lawyer submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to respond to such questions most will be content to do so. They are at liberty charge a reasonable administration fee for answering questions 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 transactions it is above £800. The management information fee demanded by the landlord must be sent together with a summary of entitlements and obligations in relation to administration fees, without which the invoice is not strictly payable. Reality however dictates that one has no choice but to pay whatever is demanded if you want to sell the property.

    I inherited a 2 bed flat in Newent, 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? Comparable properties in Newent with a long lease are worth £202,000. The average or mid-range amount of ground rent is £60 yearly. The lease comes to an end on 21st October 2085

    With just 61 years left to run we estimate the premium for your lease extension to be between £19,000 and £22,000 plus legals.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Newent