Frequently asked questions relating to Pangbourne leasehold conveyancing
I have just started marketing my garden apartment in Pangbourne.Conveyancing lawyers have not yet been instructed but I have just received a quarterly service charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is clear the service charge 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 unless 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.
I today plan to offer on a house that seems to meet my requirements, at a reasonable figure which is making it more attractive. I have subsequently found out that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Pangbourne. Conveyancing advisers have are soon to be appointed. Will they explain the issues?
Most houses in Pangbourne are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are purchasing in Pangbourne so you should seriously consider shopping around for a Pangbourne conveyancing practitioner and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’sconsent to carry out changes to the property. It may be necessary to pay a service charge towards the maintenance of the communal areas where the property is part of an estate. Your solicitor will appraise you on the various issues.
Back In 2009, I bought a leasehold flat in Pangbourne. Conveyancing and Halifax mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1993. The conveyancing solicitor in Pangbourne who previously acted has long since retired.Do I pay?
First make enquiries of HMLR to be sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Pangbourne conveyancing practitioner to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
We expect to complete the sale of our £225000 garden flat in Pangbourne next week. The management company has quoted £396 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Pangbourne?
For most leasehold sales in Pangbourne conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing pre-contract enquiries
- Where consent is required before sale in Pangbourne
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Are there frequently found problems that you come across in leases for Pangbourne properties?
Leasehold conveyancing in Pangbourne is not unique. Most leases are individual and drafting errors can sometimes mean that certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the premises
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, The Royal Bank of Scotland, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to withdraw.
I acquired a basement flat in Pangbourne, conveyancing having been completed 2000. Can you work out an approximate cost of a lease extension? Comparable properties in Pangbourne with a long lease are worth £185,000. The ground rent is £65 levied per year. The lease terminates on 21st October 2091
With 69 years remaining on your lease we estimate the price of your lease extension to be between £9,500 and £11,000 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.