Questions and Answers: Quedgeley leasehold conveyancing
I am on look out for some leasehold conveyancing in Quedgeley. Before I set the wheels in motion I would like to find out the remaining lease term.
Assuming the lease is registered - and most are in Quedgeley - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable price which is making it more attractive. I have just discovered that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Quedgeley. Conveyancing advisers have are soon to be appointed. Will they explain the issues?
The majority of houses in Quedgeley are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are buying in Quedgeley so you should seriously consider looking for a Quedgeley conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the property is located on an estate. Your lawyer will report to you on the legal implications.
Back In 2008, I bought a leasehold house in Quedgeley. Conveyancing and Aldermore mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Quedgeley who acted for me is not around.Do I pay?
The first thing you should do is contact the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Quedgeley conveyancing practitioner 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 no more than 6 years of rent can be collected.
Do you have any advice for leasehold conveyancing in Quedgeley with the aim of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Quedgeley can be reduced where you instruct lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold information which will be required by the buyers representatives.
- A minority of Quedgeley leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any 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 service charge figures so that they can pass this information on to the purchasers or their solicitors.
- If there is a history of any disputes with your freeholder or managing agents it is very important that these are settled prior to the flat being put on the market. The buyers and their solicitors will be warry about purchasing a property where there is an ongoing 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 are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic as opposed to unsettled.
- If you have the benefit of shareholding in the Management Company, you should ensure that you have the original share document. Arranging a new share certificate can be a lengthy formality and delays many a Quedgeley home move. If a duplicate share is required, you should approach the company officers or managing agents (where applicable) for this at the earliest opportunity.
- You believe that you know the number of years remaining on your lease but it would be advisable double-check by asking your solicitors. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the remaining number of years is below 80 years. It is therefore essential at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.
All being well we will complete the disposal of our £ 450000 garden flat in Quedgeley in just under a week. The landlords agents has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Quedgeley?
Quedgeley conveyancing on leasehold flats normally requires the buyer’s solicitor submitting questions for the landlord to answer. Although the landlord is not legally bound to respond to these enquiries the majority will be willing to do so. They are entitled charge a reasonable charge 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 £350, in some transactions it is in excess of £800. The management information fee demanded by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration charges, without which the invoice is not strictly payable. Reality however dictates that one has no choice but to pay whatever is demanded if you want to complete the sale of your home.
I am the registered owner of a ground floor flat in Quedgeley, conveyancing formalities finalised 2005. How much will my lease extension cost? Corresponding properties in Quedgeley with over 90 years remaining are worth £213,000. The ground rent is £45 invoiced annually. The lease ceases on 21st October 2102
With 76 years remaining on your lease the likely cost is going to range between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure 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 detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.