Fixed-fee leasehold conveyancing in Newton Longville:

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Recently asked questions relating to Newton Longville leasehold conveyancing

Estate agents have just been given the go-ahead to market my ground floor flat in Newton Longville.Conveyancing is yet to be initiated but I have just received a half-yearly maintenance charge invoice – what should I do?

The sensible thing to do is 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 Newton Longville. Do I have any liability for service charges relating to a period prior to completion of my purchase?

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. 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 choosing a Newton Longville conveyancing firm to deal with our lease extension?

If you are instructing a solicitor for your lease extension (regardless if they are a Newton Longville conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Newton Longville conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

  • Can they put you in touch with client in Newton Longville who can give a testimonial?
  • What are the legal fees for lease extension conveyancing?

    • Can you provide any advice for leasehold conveyancing in Newton Longville from the point of view of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Newton Longville can be avoided where you appoint lawyers the minute you market your property and request that they start to put together the leasehold information needed by the buyers conveyancers.
    • Many landlords or Management Companies in Newton Longville charge for supplying management packs for a leasehold property. 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 reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Newton Longville.
  • In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Newton Longville state that internal structural changes or laying down wooden flooring calls for a licence from the Landlord approving such works. Where you fail to have the approvals to hand you should not contact the landlord without contacting your conveyancer in advance.
  • Some Newton Longville leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying 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 wise to verify this by asking your lawyers. A buyer’s lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is under 80 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £325000 maisonette in Newton Longville in just under a week. The managing agents has quoted £396 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Newton Longville?

    Newton Longville conveyancing on leasehold flats normally involves the buyer’s lawyer submitting questions for the landlord to address. Although the landlord is under no legal obligation to respond to these enquiries most will be content to assist. They are at liberty charge a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some transactions it is above £800. The administration charge levied by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration fees, without which the invoice is technically not due. Reality however dictates that you have little option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.

    I invested in buying a 1 bedroom flat in Newton Longville, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Newton Longville with over 90 years remaining are worth £195,000. The ground rent is £55 levied per year. The lease ends on 21st October 2091

    With just 66 years remaining on your lease we estimate the price of your lease extension to span between £14,300 and £16,400 as well as plus your own and the landlord's "reasonable" professional fees.

    The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. Do not use the figures 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. You should not take any other action based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Newton Longville