Top Five Questions relating to Saltdean leasehold conveyancing
I've recently bought a leasehold house in Saltdean. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner 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 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).
Can you offer any advice when it comes to appointing a Saltdean conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for lease extension works (regardless if they are a Saltdean conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non Saltdean conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- Can they put you in touch with client in Saltdean who can give a testimonial?
Can you provide any top tips for leasehold conveyancing in Saltdean from the point of view of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Saltdean can be bypassed where you instruct lawyers the minute your agents start marketing the property and request that they start to put together the leasehold information needed by the purchasers’ solicitors.
- The majority freeholders or managing agents in Saltdean charge for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Saltdean.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £325000 garden flat in Saltdean on Tuesday in a week. The managing agents has quoted £396 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Saltdean?
Saltdean conveyancing on leasehold maisonettes typically involves administration charges levied by managing agents :
- Addressing pre-exchange enquiries
- Where consent is required before sale in Saltdean
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Are there common defects that you encounter in leases for Saltdean properties?
There is nothing unique about leasehold conveyancing in Saltdean. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the property
- Insurance obligations
- 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 will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Bank of Scotland, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.
I am the registered owner of a leasehold flat in Saltdean, conveyancing was carried out 2012. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Saltdean with a long lease are worth £245,000. The average or mid-range amount of ground rent is £55 per annum. The lease runs out on 21st October 2098
With only 77 years remaining on your lease the likely cost is going to be between £11,400 and £13,200 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.