Top Five Questions relating to Rottingdean leasehold conveyancing
I am hoping to complete next month on a ground floor flat in Rottingdean. Conveyancing solicitors have said that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Rottingdean should include some of the following:
- You should receive a copy of the lease
I've recently bought a leasehold property in Rottingdean. 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. 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).
What advice can you give us when it comes to choosing a Rottingdean conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Rottingdean conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Rottingdean 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?
Can you provide any top tips for leasehold conveyancing in Rottingdean from the perspective of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Rottingdean can be bypassed if you get in touch lawyers the minute you market your property and request that they start to collate the leasehold documentation which will be required by the purchasers’ solicitors.
- If you have carried out any alterations to the premises would they have required Landlord’s approval? Have you, for example installed wooden flooring? Rottingdean leases often stipulate that internal structural alterations or installing wooden flooring calls for a licence issued by the Landlord approving such changes. If you dont have the approvals in place do not communicate with the landlord without checking with your solicitor first.
In relation to leasehold conveyancing in Rottingdean what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in Rottingdean. Most leases is drafted differently and legal mistakes in the legal wording can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the building
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Coventry Building Society, and TSB all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to withdraw.
I am the registered owner of a leasehold flat in Rottingdean, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Rottingdean with over 90 years remaining are worth £225,000. The ground rent is £55 charged once a year. The lease terminates on 21st October 2102
With only 80 years left to run we estimate the premium for your lease extension to range between £10,500 and £12,000 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of comprehensive 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. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.