Questions and Answers: Silverton leasehold conveyancing
I am in need of some leasehold conveyancing in Silverton. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.
If the lease is registered - and most are in Silverton - 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 have just started marketing my 2 bed flat in Silverton.Conveyancing solicitors are to be appointed soon but I have just had a quarterly maintenance charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should clear 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.
I am a negotiator for a busy estate agency in Silverton where we have witnessed a few leasehold sales jeopardised due to short leases. I have been given inconsistent advice from local Silverton conveyancing solicitors. Can you shed some light as to whether the seller of a flat can initiate the lease extension process 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. This means 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 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 buyer.
Do you have any top tips for leasehold conveyancing in Silverton with the aim of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Silverton can be reduced if you appoint lawyers the minute you market your property and request that they start to put together the leasehold information needed by the purchasers’ solicitors.
- Many freeholders or managing agents in Silverton levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. 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 usual cause of frustration in leasehold conveyancing in Silverton.
Completion in due on the disposal of our £150000 apartment in Silverton on Tuesday in a week. The landlords agents has quoted £408 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Silverton?
For most leasehold sales in Silverton conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering conveyancing due diligence enquiries
- Where consent is required before sale in Silverton
- 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 own a leasehold flat in Silverton, conveyancing having been completed 4 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Silverton with an extended lease are worth £224,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease finishes on 21st October 2081
With just 59 years remaining on your lease we estimate the price of your lease extension to range between £21,900 and £25,200 as well as legals.
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 investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.