Top Five Questions relating to Silsoe leasehold conveyancing
Back In 2009, I bought a leasehold flat in Silsoe. Conveyancing and Norwich and Peterborough Building Society mortgage are in place. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Silsoe who acted for me is not around.Do I pay?
First make enquiries of HMLR to be sure that this person is in fact the new freeholder. You do not need to instruct a Silsoe conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I've recently bought a leasehold flat in Silsoe. 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 lessee 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 ensure 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).
I am employed by a reputable estate agency in Silsoe where we have experienced a number of leasehold sales put at risk as a result of short leases. I have been given inconsistent advice from local Silsoe conveyancing firms. Can you confirm whether the seller of a flat can commence the lease extension formalities for the buyer?
As long as the seller has been the owner 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. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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.
Completion in due on the sale of our £150000 apartment in Silsoe next week. The managing agents has quoted £324 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Silsoe?
For the majority of leasehold sales in Silsoe conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing pre-exchange questions
- Where consent is required before sale in Silsoe
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Are there frequently found problems that you encounter in leases for Silsoe properties?
Leasehold conveyancing in Silsoe is not unique. All leases are individual and drafting errors can sometimes mean that certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the building
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- 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 as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Norwich and Peterborough Building Society, and Britannia all have very detailed requirements 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 grant the mortgage, forcing the buyer to pull out.
I am the registered owner of a split level flat in Silsoe, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Silsoe with a long lease are worth £197,000. The average or mid-range amount of ground rent is £45 levied per year. The lease finishes on 21st October 2087
You have 66 years unexpired the likely cost is going to span between £15,200 and £17,600 as well as costs.
The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.