Sample questions relating to Seascale leasehold conveyancing
Planning to complete next month on a basement flat in Seascale. Conveyancing solicitors assured me that they will have a report out to me tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Seascale should include some of the following:
- Defining your rights in relation to the communal areas in the building.For instance, does the lease contain a right of way over an accessway or staircase?
I today plan to offer on a house that seems to be perfect, at a great figure which is making it all the more appealing. I have since been informed that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Seascale. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Seascale ?
The majority of houses in Seascale are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Seascale so you should seriously consider shopping around for a Seascale conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’spermission to carry out changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the property is located on an estate. Your conveyancer will advise you fully on all the issues.
I work for a long established estate agent office in Seascale where we see a number of flat sales derailed as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Seascale conveyancing firms. Can you clarify whether the vendor of a flat can initiate 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
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 buyer.
Do you have any advice for leasehold conveyancing in Seascale from the perspective of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Seascale can be bypassed where you get in touch lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the buyers solicitors.
- The majority landlords or managing agents in Seascale charge for supplying management packs for a leasehold premises. You or your lawyers should enquire as to 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 receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Seascale.
All being well we will complete the sale of our £375000 maisonette in Seascale in 10 days. The freeholder has quoted £372 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Seascale?
Seascale conveyancing on leasehold flats more often than not involves the purchaser’s solicitor submitting questions for the landlord to address. Although the landlord is under no legal obligation to answer such questions most will be content to do so. They are entitled invoice a reasonable administration fee 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 situations it is above £800. The administration charge levied by the landlord must be sent together with a summary of rights and obligations in relation to administration fees, without which the charge is not strictly payable. In reality you have no option but to pay whatever is requested of you if you want to complete the sale of your home.
I inherited a studio flat in Seascale, conveyancing was carried out in 2006. How much will my lease extension cost? Corresponding flats in Seascale with a long lease are worth £258,000. The ground rent is £55 invoiced annually. The lease ends on 21st October 2074
With only 54 years left to run we estimate the premium for your lease extension to span between £28,500 and £33,000 plus 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 the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.