Quality lawyers for Leasehold Conveyancing in Southend On Sea

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Top Five Questions relating to Southend On Sea leasehold conveyancing

Due to complete next month on a studio apartment in Southend On Sea. Conveyancing lawyers assured me that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Southend On Sea should include some of the following:

  • You should be sent a copy of the lease
  • Setting out your rights in respect of common areas in the block.By way of example, does the lease include a right of way over a path or staircase?
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • Whether your lease has a provision for a sinking fund?
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions)
  • Responsibility for repairing the window frames For details of the information to be contained in your report on your leasehold property in Southend On Sea please enquire of your solicitor in ahead of your conveyancing in Southend On Sea

  • Estate agents have just been given the go-ahead to market my ground floor apartment in Southend On Sea.Conveyancing is yet to be initiated but I have just had a quarterly service charge demand – should I leave it to the buyer to sort out?

    Your conveyancing lawyer is likely to suggest that you should clear 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. This will smooth the conveyancing process.

    I own a leasehold flat in Southend On Sea. Conveyancing and Accord Mortgages Ltd mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Southend On Sea who previously acted has now retired.Any advice?

    First contact the Land Registry to be sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Southend On Sea conveyancing firm to do this as it can be done on-line for £3. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

    I've recently bought a leasehold house in Southend On Sea. Do I have any liability for service charges relating to a period prior to my ownership?

    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 agency in Southend On Sea where we see a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Southend On Sea conveyancing solicitors. Can you clarify whether the owner of a flat can commence the lease extension process for the purchaser on completion of the sale?

    As long as the seller has owned the lease 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. This means that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done 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 purchaser.

    I acquired a split level flat in Southend On Sea, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Southend On Sea with an extended lease are worth £176,000. The ground rent is £65 per annum. The lease terminates on 21st October 2098

    With just 76 years left to run the likely cost is going to be between £8,600 and £9,800 plus costs.

    The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Southend On Sea