Saltash leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Saltash. Before I get started I would like to find out the number of years remaining on the lease.
Assuming the lease is registered - and almost all are in Saltash - 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.
Expecting to sign contracts shortly on a ground floor flat in Saltash. Conveyancing solicitors have said that they report fully next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Saltash should include some of the following:
- The length of the lease term You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
I am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable figure which is making it more attractive. I have since been informed that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in Saltash. Conveyancing lawyers have are about to be instructed. Will they explain the issues?
Most houses in Saltash are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Saltash in which case you should be looking for a Saltash conveyancing solicitor and check that they have experience in advising 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 to the property. The lease comes with conditions for example requiring the freeholder’sconsent to conduct alterations. You may also be required to pay a contribution towards the maintenance of the estate where the property is located on an estate. Your conveyancer will report to you on the legal implications.
Can you provide any advice for leasehold conveyancing in Saltash with the purpose of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Saltash can be bypassed if you get in touch lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation which will be required by the purchasers’ conveyancers.
- In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Saltash leases often stipulate that internal structural changes or installing wooden flooring necessitate a licence from the Landlord consenting to such alterations. If you dont have the consents to hand you should not communicate with the landlord without contacting your conveyancer first.
All being well we will complete the sale of our £175000 flat in Saltash next Monday . The landlords agents has quoted £420 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Saltash?
Saltash conveyancing on leasehold maisonettes often involves the purchaser’s lawyer sending enquiries for the landlord to answer. Although the landlord is not legally bound to respond to these enquiries most will be willing to do so. They are entitled levy a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some situations it exceeds £800. The management information fee invoiced by the landlord must be sent together with a summary of rights and obligations in relation to administration charges, without which the invoice is not strictly payable. In reality you have no choice but to pay whatever is demanded should you wish to complete the sale of your home.
I acquired a leasehold flat in Saltash, conveyancing having been completed in 2005. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Saltash with over 90 years remaining are worth £203,000. The ground rent is £55 levied per year. The lease finishes on 21st October 2073
With just 51 years remaining on your lease we estimate the price of your lease extension to be between £36,100 and £41,800 as well as 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 advice on a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.