Top Five Questions relating to Seaton Sluice leasehold conveyancing
I am on look out for some leasehold conveyancing in Seaton Sluice. Before I get started I would like to find out the remaining lease term.
If the lease is registered - and 99.9% are in Seaton Sluice - then the leasehold title will always include the basic details 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've found a house that seems to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have just discovered that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Seaton Sluice. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?
Most houses in Seaton Sluice are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are purchasing in Seaton Sluice so you should seriously consider shopping around for a Seaton Sluice conveyancing solicitor and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’sconsent to carry out alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is part of an estate. Your lawyer will advise you fully on all the issues.
I am attracted to a couple of flats in Seaton Sluice both have approximately forty five years left on the leases. Will this present a problem?
A lease is a right to use the premises for a period of time. As a lease shortens the marketability of the lease decreases and results in it becoming more costly to acquire a lease extension. This is why it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this area
I've recently bought a leasehold house in Seaton Sluice. Am I liable to pay service charges for periods before completion of my purchase?
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).
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £300000 apartment in Seaton Sluice next Monday . The management company has quoted £360 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Seaton Sluice?
Seaton Sluice conveyancing on leasehold apartments normally results in fees being levied by freeholders :
- Answering conveyancing due diligence enquiries
- Where consent is required before sale in Seaton Sluice
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I bought a studio flat in Seaton Sluice, conveyancing having been completed 6 years ago. How much will my lease extension cost? Comparable flats in Seaton Sluice with an extended lease are worth £232,000. The ground rent is £65 per annum. The lease runs out on 21st October 2084
You have 59 years remaining on your lease we estimate the price of your lease extension to be between £20,900 and £24,200 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.
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