Top Five Questions relating to South Lambeth leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in South Lambeth. Before I get started I would like to find out the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and almost all are in South Lambeth - 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’m about to sell my basement apartment in South Lambeth.Conveyancing solicitors are to be appointed soon but I have just had a yearly service charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should 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 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.
Back In 2007, I bought a leasehold flat in South Lambeth. Conveyancing and Halifax mortgage are in place. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1993. The conveyancing practitioner in South Lambeth who acted for me is not around.What should I do?
The first thing you should do is make enquiries of the Land Registry to be sure that this person is in fact the new freeholder. It is not necessary to incur the fees of a South Lambeth conveyancing practitioner to do this as it can be done on-line for £3. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Can you provide any top tips for leasehold conveyancing in South Lambeth with the intention of expediting the sale process?
- Much of the delay in leasehold conveyancing in South Lambeth can be bypassed if you get in touch lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation needed by the buyers conveyancers.
- The majority landlords or managing agents in South Lambeth charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in South Lambeth.
We expect to complete the sale of our £375000 garden flat in South Lambeth next week. The managing agents has quoted £396 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in South Lambeth?
South Lambeth conveyancing on leasehold maisonettes often necessitates the purchaser’s lawyer submitting questions for the landlord to address. Although the landlord is not legally bound to address such questions most will be willing to do so. They are entitled invoice a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some situations it is above £800. The administration charge required by the landlord must be sent together with a summary of entitlements and obligations in respect of administration fees, without which the charge is not strictly payable. Reality however dictates that you have little choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
I inherited a leasehold flat in South Lambeth, conveyancing formalities finalised 2011. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in South Lambeth with over 90 years remaining are worth £179,000. The ground rent is £60 levied per year. The lease expires on 21st October 2086
With 60 years remaining on your lease the likely cost is going to span between £22,800 and £26,400 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.
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