Recently asked questions relating to South Brent leasehold conveyancing
I have just started marketing my ground floor flat in South Brent.Conveyancing has not commenced but I have just received a quarterly service charge invoice – Do I pay up?
The sensible thing to do is pay 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 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.
My wife and I purchased a leasehold flat in South Brent. Conveyancing and TSB mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1994. The conveyancing practitioner in South Brent who previously acted has long since retired.Do I pay?
The first thing you should do is make enquiries of the Land Registry to make sure that the individual claiming to own the freehold is in fact the new freeholder. You do not need to instruct a South Brent conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I've recently bought a leasehold house in South Brent. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, 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 a negotiator for a reputable estate agent office in South Brent where we have experienced a few flat sales jeopardised as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local South Brent conveyancing firms. Please can you confirm whether the owner of a flat can initiate the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder 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.
Can you provide any advice for leasehold conveyancing in South Brent with the purpose of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in South Brent can be reduced where you get in touch lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the buyers solicitors.
- The majority freeholders or managing agents in South Brent charge for providing management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in South Brent.
I purchased a studio flat in South Brent, conveyancing was carried out 2007. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in South Brent with an extended lease are worth £243,000. The ground rent is £45 yearly. The lease terminates on 21st October 2099
With only 78 years left to run we estimate the premium for your lease extension to span between £12,400 and £14,200 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.