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Recently asked questions relating to Riding Mill leasehold conveyancing

I am in need of some leasehold conveyancing in Riding Mill. Before diving in I want to be sure as to the remaining lease term.

Assuming the lease is registered - and almost all are in Riding Mill - 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 complete next month on a studio apartment in Riding Mill. Conveyancing solicitors inform me that they will have a report out to me within the next couple of days. What should I be looking out for?

Your report on title for your leasehold conveyancing in Riding Mill should include some of the following:

  • Are pets allowed in the flat?
  • You must be told what counts as a Nuisance in the lease
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Whether your lease has a provision for a sinking fund?
  • Repair and maintenance of the flat
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be included in your report on your leasehold property in Riding Mill please enquire of your conveyancer in ahead of your conveyancing in Riding Mill

    • I've recently bought a leasehold flat in Riding Mill. Do I have any liability for service charges relating to a period prior to completion of my purchase?

    Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure 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).

    What advice can you give us when it comes to appointing a Riding Mill conveyancing firm to deal with our lease extension?

    If you are instructing a conveyancer for lease extension works (regardless if they are a Riding Mill conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Riding Mill conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:

    • How familiar is the practice with lease extension legislation?
  • What are the costs for lease extension conveyancing?

    • Can you provide any top tips for leasehold conveyancing in Riding Mill with the aim of speeding up the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Riding Mill can be avoided where you appoint lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the purchasers’ lawyers.
    • Many landlords or managing agents in Riding Mill charge for providing management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Riding Mill.
  • If you have carried out any alterations to the residence would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Riding Mill leases often stipulate that internal structural alterations or laying down wooden flooring require a licence from the Landlord approving such alterations. If you dont have the approvals in place do not communicate with the landlord without checking with your solicitor in advance.
  • Some Riding Mill leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet 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 you have the benefit of shareholding in the Management Company, you should make sure that you have the original share certificate. Arranging a new share certificate can be a lengthy process and delays many a Riding Mill conveyancing deal. If a reissued share is required, you should approach the company director and secretary or managing agents (where relevant) for this as soon as possible.

    • I acquired a 2 bed flat in Riding Mill, conveyancing having been completed 2008. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Riding Mill with a long lease are worth £190,000. The ground rent is £65 levied per year. The lease finishes on 21st October 2076

    With just 51 years unexpired we estimate the premium for your lease extension to span between £36,100 and £41,800 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 due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Riding Mill