Somersham leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Somersham. Before I set the wheels in motion I require certainty as to the remaining lease term.
Assuming the lease is recorded at the land registry - and most are in Somersham - 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 basement apartment in Somersham.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly maintenance charge invoice – Do I pay up?
The sensible thing to do is 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 managing agents 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.
Do you have any advice for leasehold conveyancing in Somersham with the purpose of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Somersham can be reduced if you appoint lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information needed by the buyers representatives.
- In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Most leases in Somersham state that internal structural changes or addition of wooden flooring calls for a licence from the Landlord consenting to such changes. Where you fail to have the approvals to hand do not communicate with the landlord without contacting your conveyancer before hand.
If all goes to plan we aim to complete the disposal of our £150000 garden flat in Somersham next Thursday . The freeholder has quoted £420 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Somersham?
For most leasehold sales in Somersham conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing pre-exchange enquiries
- Where consent is required before sale in Somersham
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What makes a Somersham lease problematic?
Leasehold conveyancing in Somersham is not unique. All leases is drafted differently and drafting errors can result in certain clauses are erroneous. 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
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Coventry Building Society, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to pull out.
I inherited a 1st floor flat in Somersham, conveyancing formalities finalised 9 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Somersham with an extended lease are worth £245,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease terminates on 21st October 2086
With only 65 years unexpired we estimate the premium for your lease extension to be between £17,100 and £19,800 as well as costs.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.