Rayleigh leasehold conveyancing: Q and A’s
Due to exchange soon on a basement flat in Rayleigh. Conveyancing lawyers assured me that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Rayleigh should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
Estate agents have just been given the go-ahead to market my 2 bed flat in Rayleigh.Conveyancing lawyers have not yet been instructed but I have just received a quarterly maintenance charge demand – what should I do?
The sensible thing to do is 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 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. This will smooth the conveyancing process.
I've found a house that appears to be perfect, at a reasonable figure which is making it more attractive. I have subsequently been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Rayleigh. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Rayleigh ?
Most houses in Rayleigh are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Rayleigh so you should seriously consider shopping around for a Rayleigh conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’sconsent to conduct changes to the property. It may be necessary to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your solicitor will advise you fully on all the issues.
Can you offer any advice when it comes to appointing a Rayleigh conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for lease extension works (regardless if they are a Rayleigh conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Rayleigh conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- How experienced is the firm with lease extension legislation?
Do you have any top tips for leasehold conveyancing in Rayleigh from the perspective of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Rayleigh can be bypassed where you appoint lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation needed by the buyers lawyers.
- In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Most leases in Rayleigh state that internal structural alterations or addition of wooden flooring necessitate a licence issued by the Landlord approving such alterations. Where you dont have the paperwork to hand you should not communicate with the landlord without checking with your conveyancer before hand.
I own a leasehold flat in Rayleigh, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Rayleigh with over 90 years remaining are worth £203,000. The ground rent is £50 yearly. The lease ends on 21st October 2095
You have 75 years remaining on your lease the likely cost is going to range between £11,400 and £13,200 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns 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 without first getting professional advice.