Common questions relating to Penzance leasehold conveyancing
I have just appointed agents to market my 2 bed apartment in Penzance.Conveyancing lawyers have not yet been instructed but I have just had a yearly maintenance charge invoice – Do I pay up?
It best that you pay 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 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.
I today plan to offer on a house that seems to tick a lot of boxes, at a great 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 Penzance. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?
The majority of houses in Penzance are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Penzance in which case you should be looking for a Penzance conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’spermission to carry out changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer should report to you on the legal implications.
What are your top tips when it comes to choosing a Penzance conveyancing practice to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Penzance conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Penzance 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 helpful:
- If the firm is not ALEP accredited then why not?
Do you have any advice for leasehold conveyancing in Penzance from the point of view of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Penzance can be bypassed where you get in touch lawyers the minute you market your property and ask them to put together the leasehold documentation needed by the buyers solicitors.
- A minority of Penzance leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
All being well we will complete the sale of our £175000 maisonette in Penzance on Wednesday in a week. The managing agents has quoted £420 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Penzance?
For most leasehold sales in Penzance conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering pre-contract questions
- Where consent is required before sale in Penzance
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I purchased a garden flat in Penzance, conveyancing was carried out in 2010. How much will my lease extension cost? Comparable properties in Penzance with a long lease are worth £250,000. The ground rent is £50 yearly. The lease runs out on 21st October 2082
You have 57 years left to run we estimate the price of your lease extension to be between £26,600 and £30,800 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.
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