Theale leasehold conveyancing Example Support Desk Enquiries
I have just started marketing my ground floor apartment in Theale.Conveyancing solicitors are to be appointed soon but I have just received a yearly service charge invoice – Do I pay up?
The sensible thing to do is 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. This will smooth the conveyancing process.
I am attracted to a two flats in Theale which have about 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the marketability of the lease reduces and results in it becoming more expensive to extend the lease. This is why it is generally wise to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field
I work for a busy estate agent office in Theale where we have experienced a number of leasehold sales derailed as a result of short leases. I have been given contradictory information from local Theale conveyancing firms. Can you shed some light as to whether the vendor of a flat can start 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. The benefit of this is that the buyer can avoid having to sit tight for 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 at the same time as completion of the disposal of the property.
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 buyer.
What are your top tips when it comes to finding a Theale conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Theale conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Theale conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- If they are not ALEP accredited then why not?
Can you provide any advice for leasehold conveyancing in Theale from the point of view of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Theale can be reduced where you instruct lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information needed by the purchasers’ representatives.
- The majority freeholders or managing agents in Theale levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack 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 frequent reason for frustration in leasehold conveyancing in Theale.
I purchased a 1st floor flat in Theale, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Theale with over 90 years remaining are worth £226,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease expires on 21st October 2074
With only 54 years left to run the likely cost is going to span between £29,500 and £34,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you 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.