Top Five Questions relating to Sandbanks leasehold conveyancing
I have recently realised that I have 72 years left on my lease in Sandbanks. I now want to get lease extension but my landlord is can not be found. What should I do?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. You will be obliged to demonstrate that you have done all that could be expected to locate the landlord. In some cases an enquiry agent may be useful to try and locate and to produce a report to be used as evidence that the landlord can not be located. It is advisable to get professional help from a conveyancer in relation to devolving into the landlord’s absence and the vesting order request to the County Court covering Sandbanks.
I've recently bought a leasehold flat in Sandbanks. Am I liable to pay service charges for periods before my ownership?
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. It is an essential part 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).
What are your top tips when it comes to choosing a Sandbanks conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Sandbanks conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non Sandbanks conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:
- How familiar is the firm with lease extension legislation?
Do you have any top tips for leasehold conveyancing in Sandbanks with the aim of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Sandbanks can be reduced where you instruct lawyers the minute your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the buyers representatives.
- The majority landlords or managing agents in Sandbanks levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Sandbanks.
Completion in due on the sale of our £200000 maisonette in Sandbanks in just under a week. The freeholder has quoted £384 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Sandbanks?
For most leasehold sales in Sandbanks conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing conveyancing due diligence questions
- Where consent is required before sale in Sandbanks
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I acquired a basement flat in Sandbanks, conveyancing having been completed 2008. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Sandbanks with a long lease are worth £251,000. The ground rent is £50 levied per year. The lease terminates on 21st October 2100
With only 79 years remaining on your lease the likely cost is going to span between £11,400 and £13,200 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.