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Top Five Questions relating to Penkridge leasehold conveyancing

Looking forward to sign contracts shortly on a garden flat in Penkridge. Conveyancing lawyers inform me that they report fully on Monday. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Penkridge should include some of the following:

  • You should be sent a copy of the lease
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Whether your lease has a provision for a sinking fund?
  • Changes to the flat (alterations and additions)
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
  • What the implications are if you breach a clause of your lease? For details of the information to be contained in your report on your leasehold property in Penkridge please ask your solicitor in advance of your conveyancing in Penkridge

    • I have just started marketing my basement apartment in Penkridge.Conveyancing has not commenced but I have just received a half-yearly maintenance charge demand – Do I pay up?

    The sensible thing to do is discharge 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. Having a clear account will assist your cause and will leave you no worse off financially.

    My wife and I purchased a leasehold flat in Penkridge. Conveyancing and Virgin Money mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1991. The conveyancing solicitor in Penkridge who previously acted has long since retired.Any advice?

    First contact HMLR to make sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. You do not need to instruct a Penkridge conveyancing firm to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

    What are your top tips when it comes to choosing a Penkridge conveyancing practice to carry out our lease extension conveyancing?

    When appointing a property lawyer for your lease extension (regardless if they are a Penkridge conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Penkridge conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:

    • What volume of lease extensions have they completed in Penkridge in the last 12 months?
  • Can they put you in touch with client in Penkridge who can give a testimonial?

    • Do you have any advice for leasehold conveyancing in Penkridge from the point of view of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Penkridge can be bypassed where you get in touch lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the purchasers’ conveyancers.
    • The majority landlords or managing agents in Penkridge charge for providing management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Penkridge.
  • In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Penkridge leases often stipulate that internal structural alterations or laying down wooden flooring require a licence from the Landlord approving such works. If you dont have the consents to hand you should not communicate with the landlord without checking with your conveyancer in the first instance.
  • If there is a history of any disputes with your freeholder or managing agents it is essential that these are resolved prior to the flat being marketed. The buyers and their solicitors will be nervous about purchasing a property where there is a current dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to 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 present the dispute as historic rather than unsettled.
  • If you have the benefit of shareholding in the freehold, you should ensure that you have the original share certificate. Organising a re-issued share certificate is often a time consuming formality and delays many a Penkridge conveyancing transaction. If a duplicate share certificate is necessary, you should approach the company director and secretary or managing agents (where applicable) for this sooner rather than later.

    • I inherited a 2 bed flat in Penkridge, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Equivalent properties in Penkridge with over 90 years remaining are worth £195,000. The ground rent is £50 per annum. The lease ceases on 21st October 2083

    With only 58 years remaining on your lease we estimate the price of your lease extension to range between £26,600 and £30,800 as well as professional fees.

    The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Penkridge