Tewkesbury leasehold conveyancing: Q and A’s
Looking forward to exchange soon on a garden flat in Tewkesbury. Conveyancing solicitors have said that they will have a report out to me within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Tewkesbury should include some of the following:
- The length of the lease term You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
- Repair and maintenance of the flat
- The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
- Responsibility for repairing the window frames
- What options are open to you if a neighbour is in violation of a provision in their lease?
- What the implications are if you breach a clause of your lease?
I’m about to sell my basement apartment in Tewkesbury.Conveyancing lawyers have not yet been instructed but I have just had a quarterly service charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should discharge 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.
I am hoping to put an offer on a small detached house that seems to be perfect, at a great price which is making it all the more appealing. I have since been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Tewkesbury. Conveyancing advisers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Tewkesbury ?
The majority of houses in Tewkesbury are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Tewkesbury in which case you should be looking for a Tewkesbury conveyancing solicitor and check that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’sconsent to carry out alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your solicitor should report to you on the legal implications.
Last month I purchased a leasehold flat in Tewkesbury. Do I have any liability for service charges relating to a period prior to 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. A critical element of leasehold conveyancing for your conveyancer to be sure 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).
Can you offer any advice when it comes to appointing a Tewkesbury conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a solicitor for your lease extension (regardless if they are a Tewkesbury conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Tewkesbury conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:
- If they are not ALEP accredited then why not?
- Can they put you in touch with client in Tewkesbury who can give a testimonial?
I purchased a ground floor flat in Tewkesbury, conveyancing having been completed 1996. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Tewkesbury with a long lease are worth £180,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease finishes on 21st October 2088
You have 62 years left to run we estimate the premium for your lease extension to span between £20,000 and £23,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed due diligence. Do not use this information 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 take any other action placing reliance on this information without first getting professional advice.