Frequently asked questions relating to North Newbald leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in North Newbald. Before I set the wheels in motion I want to be sure as to the remaining lease term.
If the lease is registered - and almost all are in North Newbald - 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.
I only have 62 years unexpired on my flat in North Newbald. I now wish to extend my lease but my freeholder is missing. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. However, you will be required to demonstrate that you or your lawyers have made all reasonable attempts to find the lessor. In some cases a specialist may be useful to carry out a search and to produce an expert document which can be accepted by the court as proof that the landlord is indeed missing. It is advisable to get professional help from a property lawyer in relation to proving the landlord’s absence and the application to the County Court covering North Newbald.
Due to sign contracts shortly on a studio apartment in North Newbald. Conveyancing lawyers inform me that they report fully tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in North Newbald should include some of the following:
- You should be sent a copy of the lease
Last month I purchased a leasehold house in North Newbald. Do I have any liability for 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 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).
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £400000 garden flat in North Newbald in 8 days. The managing agents has quoted £300 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in North Newbald?
North Newbald conveyancing on leasehold maisonettes normally involves the purchaser’s lawyer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to answer these enquiries most will be content to assist. They are at liberty charge a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some cases it is above £800. The management information fee required by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration fees, otherwise the invoice is technically not due. In reality you have no choice but to pay whatever is demanded should you wish to complete the sale of your home.
I purchased a 1st floor flat in North Newbald, conveyancing formalities finalised 5 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in North Newbald with a long lease are worth £170,000. The ground rent is £55 invoiced every year. The lease comes to an end on 21st October 2079
With just 58 years left to run we estimate the premium for your lease extension to be between £24,700 and £28,600 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.