Sample questions relating to Radcliffe leasehold conveyancing
I've found a house that appears to meet my requirements, at a reasonable figure which is making it all the more appealing. I have just been informed that it's a leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Radcliffe. Conveyancing lawyers have not yet been instructed. Will they explain the issues?
The majority of houses in Radcliffe are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Radcliffe in which case you should be looking for a Radcliffe conveyancing practitioner and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’sconsent to conduct changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the property is part of an estate. Your solicitor will report to you on the legal implications.
Last month I purchased a leasehold flat in Radcliffe. Do I have any liability for service charges for periods before my ownership?
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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element 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).
I am employed by a busy estate agency in Radcliffe where we have experienced a few leasehold sales put at risk as a result of short leases. I have been given contradictory information from local Radcliffe conveyancing solicitors. Could you confirm whether the seller of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that 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 can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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 purchaser.
What are your top tips when it comes to choosing a Radcliffe conveyancing practice to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a Radcliffe conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We suggested that you speak with several firms including non Radcliffe conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- How experienced is the firm with lease extension legislation?
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £125000 flat in Radcliffe in just under a week. The managing agents has quoted £408 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Radcliffe?
Radcliffe conveyancing on leasehold apartments normally requires the buyer’s conveyancer submitting questions for the landlord to address. Although the landlord is under no legal obligation to address these enquiries the majority will be willing to do so. They may charge a reasonable charge for responding to questions 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 situations it is in excess of £800. The management information fee demanded by the landlord must be sent together with a synopsis of rights and obligations in relation to administration fees, without which the charge is technically not due. Reality however dictates that one has no option but to pay whatever is demanded if you want to exchange contracts with the buyer.
I acquired a leasehold flat in Radcliffe, conveyancing was carried out 2009. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Radcliffe with over 90 years remaining are worth £227,000. The ground rent is £65 levied per year. The lease ceases on 21st October 2089
With 67 years left to run the likely cost is going to span between £15,200 and £17,600 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.