Examples of recent questions relating to leasehold conveyancing in Tilehurst
Having had my offer accepted I require leasehold conveyancing in Tilehurst. Before diving in I require certainty as to the remaining lease term.
If the lease is registered - and most are in Tilehurst - 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.
Planning to sign contracts shortly on a basement flat in Tilehurst. Conveyancing lawyers inform me that they report fully next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Tilehurst should include some of the following:
- You should be sent a copy of the lease
I am looking at a couple of apartments in Tilehurst both have approximately forty five years left on the leases. Will this present a problem?
There are plenty of short leases in Tilehurst. The lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the marketability of the lease deteriorate and it becomes more costly to acquire a lease extension. For this reason it is often a good idea to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this arena
I've recently bought a leasehold flat in Tilehurst. Do I have any liability for service charges for periods before completion of my purchase?
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. However, 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 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).
We expect to complete the disposal of our £375000 flat in Tilehurst next Tuesday . The freeholder has quoted £384 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Tilehurst?
Tilehurst conveyancing on leasehold apartments more often than not requires the buyer’s lawyer submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to address such questions the majority will be willing to assist. They are entitled charge a reasonable administration fee for answering enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some transactions it is in excess of £800. The management information fee required by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration charges, without which the charge is technically not due. In reality you have no option but to pay whatever is demanded if you want to exchange contracts with the buyer.
I am the registered owner of a 1st floor flat in Tilehurst, conveyancing formalities finalised in 1998. Can you work out an approximate cost of a lease extension? Comparable properties in Tilehurst with a long lease are worth £211,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease expires on 21st October 2075
You have 55 years unexpired we estimate the premium for your lease extension to range between £31,400 and £36,200 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should 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.