Common questions relating to Sandbanks leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Sandbanks. Before diving in I require certainty as to the unexpired term of the lease.
If the lease is recorded at the land registry - and 99.9% are in Sandbanks - 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.
I have just started marketing my basement apartment in Sandbanks.Conveyancing is yet to be initiated but I have just received a yearly service charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I work for a reputable estate agent office in Sandbanks where we see a few flat sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Sandbanks conveyancing solicitors. Could you clarify whether the vendor of a flat can commence the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
Alternatively, it may be possible 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.
What advice can you give us when it comes to appointing a Sandbanks conveyancing firm to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Sandbanks 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 several firms including non Sandbanks conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- How familiar is the firm with lease extension legislation?
Do you have any advice for leasehold conveyancing in Sandbanks from the perspective of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Sandbanks 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 needed by the purchasers’ representatives.
- The majority landlords or managing agents in Sandbanks charge for supplying management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Sandbanks.
I own a 2 bed flat in Sandbanks, conveyancing was carried out in 2010. Can you work out an approximate cost of a lease extension? Equivalent properties in Sandbanks with over 90 years remaining are worth £250,000. The average or mid-range amount of ground rent is £50 levied per year. The lease ends on 21st October 2088
With 67 years unexpired we estimate the price of your lease extension to range between £12,400 and £14,200 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.