Top Five Questions relating to Rawcliffe leasehold conveyancing
I am in need of some leasehold conveyancing in Rawcliffe. Before diving in I would like to find out the number of years remaining on the lease.
If the lease is registered - and almost all are in Rawcliffe - then the leasehold title will always include the basic details 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.
Looking forward to exchange soon on a garden flat in Rawcliffe. Conveyancing solicitors assured me that they report fully tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Rawcliffe should include some of the following:
- You should be sent a copy of the lease
I’m about to sell my ground floor apartment in Rawcliffe.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly service charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should clear 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 work for a long established estate agent office in Rawcliffe where we have experienced a few flat sales derailed due to short leases. I have received contradictory information from local Rawcliffe conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner 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. The benefit of this is that the buyer can avoid having 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 simultaneously with completion of the disposal of the property.
Alternatively, it may be possible 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 purchaser.
What are your top tips when it comes to finding a Rawcliffe conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for lease extension works (regardless if they are a Rawcliffe conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Rawcliffe conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:
- How many lease extensions have they conducted in Rawcliffe in the last 12 months?
I bought a 1st floor flat in Rawcliffe, conveyancing formalities finalised 7 years ago. How much will my lease extension cost? Similar flats in Rawcliffe with a long lease are worth £223,000. The ground rent is £45 levied per year. The lease terminates on 21st October 2090
With just 66 years remaining on your lease we estimate the price of your lease extension to be between £15,200 and £17,600 plus 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 a more accurate figure in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.
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