Examples of recent questions relating to leasehold conveyancing in St Austell
Due to exchange soon on a ground floor flat in St Austell. Conveyancing lawyers inform me that they are sending me a report next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in St Austell should include some of the following:
- How long the lease is You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
Estate agents have just been given the go-ahead to market my garden apartment in St Austell.Conveyancing solicitors are to be appointed soon but I have just received a half-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 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.
I've found a house that appears to be perfect, at a reasonable figure which is making it more attractive. I have just been informed that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in St Austell. Conveyancing lawyers have are about to be instructed. Will they explain the issues?
The majority of houses in St Austell are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in St Austell so you should seriously consider looking for a St Austell conveyancing practitioner and check that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your solicitor should report to you on the legal implications.
I am a negotiator for a busy estate agency in St Austell where we see a few flat sales jeopardised as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local St Austell conveyancing firms. Please can you confirm whether the vendor of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
An alternative approach is 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.
What are your top tips when it comes to finding a St Austell conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a St Austell conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with two or three firms including non St Austell conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:
- If they are not ALEP accredited then why not?
I acquired a studio flat in St Austell, conveyancing formalities finalised 2006. How much will my lease extension cost? Comparable flats in St Austell with a long lease are worth £182,000. The average or mid-range amount of ground rent is £65 levied per year. The lease ceases on 21st October 2072
You have 51 years left to run we estimate the price of your lease extension to span between £32,300 and £37,400 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.