Common questions relating to Seaford leasehold conveyancing
Estate agents have just been given the go-ahead to market my garden flat in Seaford.Conveyancing is yet to be initiated but I have just had a half-yearly maintenance charge invoice – Do I pay up?
It best that you pay 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 unless 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. Having a clear account will assist your cause and will leave you no worse off financially.
What advice can you give us when it comes to choosing a Seaford conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for lease extension works (regardless if they are a Seaford conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with two or three firms including non Seaford conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:
- Can they put you in touch with client in Seaford who can give a testimonial?
Can you provide any top tips for leasehold conveyancing in Seaford with the purpose of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Seaford can be bypassed if you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the buyers lawyers.
- Many landlords or managing agents in Seaford levy fees for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Seaford.
We expect to complete our sale of a £125000 flat in Seaford next Monday . The management company has quoted £360 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Seaford?
Seaford conveyancing on leasehold maisonettes normally requires the buyer’s solicitor sending questions for the landlord to address. Although the landlord is not legally bound to respond to these enquiries most will be content to do so. They are at liberty charge a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some transactions it is above £800. The management information fee levied 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 requested of you should you wish to sell the property.
When it comes to leasehold conveyancing in Seaford what are the most frequent lease problems?
Leasehold conveyancing in Seaford is not unique. All leases are unique and legal mistakes in the legal wording can result in certain sections are wrong. The following missing provisions could result in a defective lease:
- Repairing obligations 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 can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Skipton Building Society, and Barclays Direct all have very detailed conveyancing instructions 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 pull out.
I am the registered owner of a split level flat in Seaford, conveyancing having been completed in 1998. 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? Equivalent flats in Seaford with over 90 years remaining are worth £225,000. The ground rent is £55 yearly. The lease terminates on 21st October 2103
With only 80 years unexpired we estimate the premium for your lease extension to be between £7,600 and £8,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. 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. You should not take any other action based on this information without first seeking the advice of a professional.