Questions and Answers: Poynton leasehold conveyancing
My wife and I purchased a leasehold house in Poynton. Conveyancing and Nottingham Building Society mortgage organised. A letter has just been received from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Poynton who previously acted has now retired.Any advice?
First make enquiries of HMLR to make sure that the individual purporting to own the freehold is in fact the new freeholder. There is no need to incur the fees of a Poynton conveyancing lawyer to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I work for a busy estate agent office in Poynton where we have witnessed a few flat sales put at risk as a result of leases having less than 80 years remaining. I have received contradictory information from local Poynton conveyancing solicitors. Could you confirm whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord 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 are your top tips when it comes to finding a Poynton conveyancing practice to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Poynton 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 Poynton conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- If the firm is not ALEP accredited then why not?
Can you provide any advice for leasehold conveyancing in Poynton with the intention of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Poynton can be avoided where you appoint lawyers the minute your agents start marketing the property and ask them to collate the leasehold documentation which will be required by the buyers representatives.
- The majority landlords or Management Companies in Poynton levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Poynton.
We expect to complete the disposal of our £175000 garden flat in Poynton next Monday . The management company has quoted £420 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Poynton?
Poynton conveyancing on leasehold maisonettes often requires the purchaser’s solicitor sending questions for the landlord to answer. Although the landlord is under no legal obligation to answer such questions the majority will be content to do so. They may invoice a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some transactions it is in excess of £800. The management information fee demanded by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration fees, without which the invoice is not strictly payable. In reality one has no choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
I am the registered owner of a studio flat in Poynton, conveyancing having been completed 4 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Poynton with over 90 years remaining are worth £178,000. The ground rent is £45 per annum. The lease runs out on 21st October 2089
You have 66 years unexpired the likely cost is going to be between £14,300 and £16,400 as well as plus your own and the landlord's "reasonable" professional fees.
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 in the absence of comprehensive investigations. You should 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 you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.