Recently asked questions relating to Tiptree leasehold conveyancing
Due to complete next month on a leasehold property in Tiptree. 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 Tiptree should include some of the following:
- Defining your legal entitlements in respect of the communal areas in the block.By way of example, does the lease permit a right of way over an accessway or staircase?
I today plan to offer on a house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have subsequently discovered that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Tiptree. Conveyancing solicitors have not yet been instructed. Will they explain the issues?
Most houses in Tiptree are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are buying in Tiptree so you should seriously consider shopping around for a Tiptree 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 number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’spermission to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your lawyer will report to you on the legal implications.
I've recently bought a leasehold flat in Tiptree. Am I liable to pay service charges relating to a period prior to my ownership?
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 provide any advice for leasehold conveyancing in Tiptree from the point of view of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Tiptree can be bypassed if you get in touch lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information which will be required by the buyers lawyers.
- The majority freeholders or managing agents in Tiptree levy fees for supplying management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Tiptree.
If all goes to plan we aim to complete the disposal of our £475000 apartment in Tiptree on Wednesday in a week. The management company has quoted £348 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Tiptree?
Tiptree conveyancing on leasehold apartments normally necessitates administration charges invoiced by landlords agents :
- Addressing conveyancing due diligence questions
- Where consent is required before sale in Tiptree
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I am the registered owner of a studio flat in Tiptree, conveyancing having been completed 5 years ago. How much will my lease extension cost? Comparable properties in Tiptree with over 90 years remaining are worth £225,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease terminates on 21st October 2089
With just 68 years remaining on your lease we estimate the price of your lease extension to span between £11,400 and £13,200 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.