Silsoe leasehold conveyancing: Q and A’s
I have just appointed agents to market my ground floor apartment in Silsoe.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly maintenance charge invoice – Do I pay up?
It best that you pay the invoice 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 managing agents will not acknowledge the buyer until 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.
I am looking at a couple of flats in Silsoe both have approximately forty five years left on the lease term. Do I need to be concerned?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the marketability of the lease deteriorate and results in it becoming more costly to extend the lease. For this reason it is advisable to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this arena
I am employed by a busy estate agent office in Silsoe where we have experienced a few flat sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Silsoe conveyancing firms. Please can you clarify whether the seller of a flat can instigate the lease extension formalities for the buyer?
Provided that 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. This means that the proposed purchaser need not have 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 simultaneously with completion of the disposal of the property.
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.
What advice can you give us when it comes to choosing a Silsoe conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for lease extension works (regardless if they are a Silsoe conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Silsoe conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- How familiar is the practice with lease extension legislation?
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £275000 maisonette in Silsoe in 8 days. The freeholder has quoted £384 for Certificate of Compliance, 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 most leasehold sales in Silsoe conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing pre-contract 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
I inherited a split level flat in Silsoe, conveyancing formalities finalised in 2010. Can you work out an approximate cost of a lease extension? Comparable properties in Silsoe with over 90 years remaining are worth £174,000. The ground rent is £65 invoiced every year. The lease comes to an end on 21st October 2085
You have 62 years remaining on your lease the likely cost is going to span between £20,000 and £23,000 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.