Common questions relating to Smithfield leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Smithfield. Before I get started I would like to find out the remaining lease term.
If the lease is recorded at the land registry - and 99.9% are in Smithfield - then the leasehold title will always include the short particulars 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 appointed agents to market my ground floor apartment in Smithfield.Conveyancing has not commenced but I have just received a yearly service charge demand – should I leave it to the buyer to sort out?
It best that you discharge 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 management companies 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 own a leasehold house in Smithfield. Conveyancing and Alliance & Leicester mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1997. The conveyancing solicitor in Smithfield who acted for me is not around.Any advice?
The first thing you should do is contact HMLR to be sure that this person is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Smithfield conveyancing lawyer to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am tempted by the attractive purchase price for a two maisonettes in Smithfield which have approximately fifty years unexpired on the lease term. should I be concerned?
There are plenty of short leases in Smithfield. The lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the value of the lease reduces and results in it becoming more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this area
Completion in due on the sale of our £375000 apartment in Smithfield in just under a week. The freeholder has quoted £384 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Smithfield?
Smithfield conveyancing on leasehold maisonettes ordinarily results in administration charges levied by freeholders :
- Addressing conveyancing due diligence enquiries
- Where consent is required before sale in Smithfield
- 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 purchased a split level flat in Smithfield, conveyancing having been completed in 2012. How much will my lease extension cost? Comparable properties in Smithfield with over 90 years remaining are worth £243,000. The ground rent is £55 yearly. The lease ends on 21st October 2071
With only 51 years remaining on your lease we estimate the premium for your lease extension to range between £39,900 and £46,200 as well as legals.
The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional 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.