Sample questions relating to Parkstone leasehold conveyancing
I’m about to sell my garden apartment in Parkstone.Conveyancing lawyers have not yet been instructed but I have just had a yearly service charge demand – Do I pay up?
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 managing agents 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 am employed by a reputable estate agent office in Parkstone where we see a few flat sales jeopardised due to leases having less than 80 years remaining. I have been given contradictory information from local Parkstone conveyancing solicitors. Could you confirm whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
What advice can you give us when it comes to finding a Parkstone conveyancing firm to deal with our lease extension?
When appointing a property lawyer for your lease extension (regardless if they are a Parkstone conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non Parkstone conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:
- How familiar is the practice with lease extension legislation?
Do you have any advice for leasehold conveyancing in Parkstone with the purpose of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Parkstone can be bypassed if you get in touch lawyers the minute your agents start marketing the property and request that they start to put together the leasehold information which will be required by the buyers lawyers.
- Many landlords or Management Companies in Parkstone levy fees for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Parkstone.
Completion in due on the disposal of our £275000 maisonette in Parkstone on Tuesday in a week. The managing agents has quoted £384 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Parkstone?
Parkstone conveyancing on leasehold flats usually requires the purchaser’s solicitor submitting enquiries for the landlord to address. Although the landlord is not legally bound to answer such questions the majority will be willing to do so. They are entitled invoice a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some cases it is above £800. The management information fee required by the landlord must be sent together with a summary of rights and obligations in respect of administration charges, without which the charge is technically not due. In reality you have no option but to pay whatever is requested of you if you want to exchange contracts with the buyer.
I invested in buying a 2 bed flat in Parkstone, conveyancing having been completed in 2005. How much will my lease extension cost? Similar flats in Parkstone with an extended lease are worth £244,000. The ground rent is £50 invoiced annually. The lease expires on 21st October 2085
You have 62 years remaining on your lease we estimate the premium for your lease extension to range between £18,100 and £20,800 as well as 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 provide a more accurate figure without more comprehensive 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 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.