Top Five Questions relating to Peterborough leasehold conveyancing
I have just started marketing my garden apartment in Peterborough.Conveyancing solicitors are to be appointed soon but I have just received a yearly maintenance charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should 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. 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 Peterborough. Conveyancing and Aldermore mortgage organised. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Peterborough who acted for me is not around.Any advice?
The first thing you should do is make enquiries of HMLR to be sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to instruct a Peterborough conveyancing lawyer to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a couple of apartments in Peterborough which have in the region of forty five years left on the leases. Will this present a problem?
There are plenty of short leases in Peterborough. The lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the marketability of the lease reduces and results in it becoming more expensive to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this area
Last month I purchased a leasehold property in Peterborough. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner 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 ensure 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).
We expect to complete the disposal of our £350000 maisonette in Peterborough next week. The landlords agents has quoted £360 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Peterborough?
Peterborough conveyancing on leasehold apartments often requires the buyer’s lawyer sending enquiries for the landlord to answer. Although the landlord is not legally bound to address such questions most will be willing to do so. They are entitled charge a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some situations it is in excess of £800. The management information fee required by the landlord must be accompanied by a summary of rights and obligations in relation to administration fees, without which the invoice is not strictly payable. Reality however dictates that you have no option but to pay whatever is demanded should you wish to sell the property.
I bought a garden flat in Peterborough, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Peterborough with over 90 years remaining are worth £222,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease runs out on 21st October 2072
You have 51 years left to run the likely cost is going to span between £38,000 and £44,000 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.