Tavistock leasehold conveyancing Example Support Desk Enquiries
I am on look out for some leasehold conveyancing in Tavistock. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Tavistock - then the leasehold title will always include the short particulars 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 am tempted by the attractive purchase price for a couple of maisonettes in Tavistock both have about 50 years unexpired on the leases. Do I need to be concerned?
There are plenty of short leases in Tavistock. The lease is a right to use the property for a period of time. As the lease gets shorter the saleability of the lease reduces and results in it becoming more expensive to extend the lease. For this reason it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this field
Last month I purchased a leasehold property in Tavistock. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part 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).
Do you have any advice for leasehold conveyancing in Tavistock with the intention of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Tavistock can be reduced if you instruct lawyers the minute your agents start advertising the property and request that they start to collate the leasehold documentation needed by the purchasers’ conveyancers.
- The majority landlords or Management Companies in Tavistock charge for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Tavistock.
If all goes to plan we aim to complete our sale of a £300000 maisonette in Tavistock next Thursday . The landlords agents has quoted £372 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Tavistock?
Tavistock conveyancing on leasehold maisonettes normally involves the buyer’s solicitor submitting questions for the landlord to answer. Although the landlord is not legally bound to respond to these enquiries the majority will be willing to do so. They are entitled charge a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some situations it is above £800. The management information fee required by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration fees, without which the invoice is technically not due. In reality one has no choice but to pay whatever is demanded should you wish to complete the sale of your home.
I inherited a split level flat in Tavistock, conveyancing was carried out 3 years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Tavistock with a long lease are worth £168,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease comes to an end on 21st October 2077
With 56 years remaining on your lease the likely cost is going to range between £24,700 and £28,600 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.