Saffron Walden leasehold conveyancing Example Support Desk Enquiries
I am in need of some leasehold conveyancing in Saffron Walden. Before diving in I require certainty as to the remaining lease term.
Assuming the lease is recorded at the land registry - and almost all are in Saffron Walden - then the leasehold title will always include the short particulars 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.
My wife and I purchased a leasehold house in Saffron Walden. Conveyancing and Coventry Building Society mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1997. The conveyancing practitioner in Saffron Walden who previously acted has long since retired.Do I pay?
The first thing you should do is contact HMLR to be sure that this person is in fact the new freeholder. There is no need to incur the fees of a Saffron Walden conveyancing solicitor to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I work for a reputable estate agency in Saffron Walden where we see a few flat sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local Saffron Walden conveyancing solicitors. Could you shed some light as to whether the seller of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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.
Can you offer any advice when it comes to appointing a Saffron Walden conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Saffron Walden conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non Saffron Walden conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- How familiar is the practice with lease extension legislation?
Completion in due on our sale of a £425000 garden flat in Saffron Walden on Monday in a week. The management company has quoted £420 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Saffron Walden?
Saffron Walden conveyancing on leasehold flats more often than not requires the purchaser’s conveyancer sending enquiries for the landlord to answer. Although the landlord is not legally bound to respond to such questions the majority will be content to assist. They may charge a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some transactions it is above £800. The management information fee demanded by the landlord must be sent together with a summary of rights and obligations in respect of administration fees, without which the invoice is technically not due. Reality however dictates that one has no choice but to pay whatever is demanded if you want to sell the property.
Leasehold Conveyancing in Saffron Walden - Sample of Questions you should ask before Purchasing
What is the annual service fee and ground rent?
On the whole the outlay for major works tend not to be built into the maintenance charges, although a few managing agents in Saffron Walden require tenants to pay into a sinking fund and this is used to offset against major repairs or maintenance.
You should be aware that where the lease has fewer than eighty years it will impact the marketability of the apartment. Check with your mortgage company that they are willing to lend given the lease term. A short lease means that you will almost definitely need a lease extension at some point and you need to have some idea of what this will be. For most Saffron Waldenlease extensions you will be be obliged to have owned the premises for a couple of years in order to be eligible to carry out a lease extension.