Top Five Questions relating to Thurrock leasehold conveyancing
Looking forward to complete next month on a basement flat in Thurrock. Conveyancing solicitors assured me that they will have a report out to me next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Thurrock should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
I’m about to sell my 2 bed flat in Thurrock.Conveyancing is yet to be initiated but I have just received a half-yearly maintenance charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is 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 management companies 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 today plan to offer on a house that appears to be perfect, at a reasonable price which is making it more attractive. I have subsequently been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Thurrock. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Thurrock ?
Most houses in Thurrock are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Thurrock so you should seriously consider looking for a Thurrock conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’spermission to carry out alterations. You may also be required to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your conveyancer should advise you fully on all the issues.
I am looking at a two apartments in Thurrock both have about 50 years remaining on the leases. Will this present a problem?
A lease is a right to use the property for a period of time. As the lease shortens the marketability of the lease reduces and it becomes more costly to acquire a lease extension. For this reason it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this area
Do you have any top tips for leasehold conveyancing in Thurrock with the purpose of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Thurrock can be reduced if you appoint lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold documentation needed by the buyers conveyancers.
- If you have carried out any alterations to the premises would they have required Landlord’s permission? In particular have you laid down wooden flooring? Most leases in Thurrock state that internal structural alterations or laying down wooden flooring calls for a licence from the Landlord approving such alterations. Should you dont have the consents to hand do not contact the landlord without contacting your lawyer first.
I own a ground floor flat in Thurrock, conveyancing formalities finalised 5 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Thurrock with a long lease are worth £245,000. The average or mid-range amount of ground rent is £60 yearly. The lease finishes on 21st October 2085
With only 64 years remaining on your lease the likely cost is going to span between £19,000 and £22,000 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.