Frequently asked questions relating to Thorpe St Andrew leasehold conveyancing
I am on look out for some leasehold conveyancing in Thorpe St Andrew. Before I get started I would like to find out the unexpired term of the lease.
If the lease is registered - and most are in Thorpe St Andrew - 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've found a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have subsequently discovered that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Thorpe St Andrew. Conveyancing advisers have are soon to be appointed. Will they explain the issues?
The majority of houses in Thorpe St Andrew 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. We note that you are buying in Thorpe St Andrew so you should seriously consider looking for a Thorpe St Andrew conveyancing practitioner and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the upkeep of the estate where the property is part of an estate. Your conveyancer will advise you fully on all the issues.
I've recently bought a leasehold house in Thorpe St Andrew. 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 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 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 Thorpe St Andrew conveyancing practice to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Thorpe St Andrew conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Thorpe St Andrew conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:
- If they are not ALEP accredited then why not?
If all goes to plan we aim to complete the disposal of our £175000 flat in Thorpe St Andrew next Monday . The landlords agents has quoted £372 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Thorpe St Andrew?
Thorpe St Andrew conveyancing on leasehold apartments more often than not involves the purchaser’s conveyancer sending enquiries for the landlord to answer. Although the landlord is not legally bound to respond to such questions the majority will be willing to assist. They are at liberty charge a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some cases it exceeds £800. The administration charge required by the landlord must be accompanied by a summary of rights and obligations in respect of administration charges, without which the charge is technically not due. In reality you have little choice but to pay whatever is demanded if you want to sell the property.
I inherited a 2 bed flat in Thorpe St Andrew, conveyancing formalities finalised 2005. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Thorpe St Andrew with an extended lease are worth £267,000. The average or mid-range amount of ground rent is £55 yearly. The lease ceases on 21st October 2104
With just 79 years remaining on your lease we estimate the price of your lease extension to be between £9,500 and £11,000 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional issues 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 without first seeking the advice of a professional.
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