Top Five Questions relating to Rumney leasehold conveyancing
Planning to exchange soon on a basement flat in Rumney. Conveyancing lawyers assured me that they will have a report out to me tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Rumney should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
I own a leasehold house in Rumney. Conveyancing and Norwich and Peterborough Building Society mortgage organised. A letter has just been received from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Rumney who previously acted has long since retired.Any advice?
The first thing you should do is contact HMLR to be sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. You do not need to instruct a Rumney conveyancing lawyer to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a couple of apartments in Rumney both have approximately forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the value of the lease deteriorate and it becomes more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this arena
Can you provide any advice for leasehold conveyancing in Rumney from the point of view of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Rumney can be reduced where you get in touch lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the buyers lawyers.
- A minority of Rumney leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying 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 actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
We expect to complete our sale of a £325000 garden flat in Rumney on Tuesday in a week. The freeholder has quoted £384 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Rumney?
Rumney conveyancing on leasehold maisonettes usually necessitates the buyer’s solicitor submitting enquiries for the landlord to address. Although the landlord is not legally bound to answer such questions most will be willing to do so. They are at liberty invoice a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some transactions it exceeds £800. The management information fee levied by the landlord must be accompanied by a summary of rights and obligations in relation to administration charges, without which the charge is not strictly payable. In reality one has little choice but to pay whatever is demanded if you want to complete the sale of your home.
I own a 2 bed flat in Rumney, conveyancing was carried out in 2011. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Rumney with over 90 years remaining are worth £185,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease finishes on 21st October 2091
With only 68 years remaining on your lease we estimate the price of your lease extension to be between £10,500 and £12,000 plus costs.
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 without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.