Frequently asked questions relating to Tiverton leasehold conveyancing
Expecting to sign contracts shortly on a ground floor flat in Tiverton. Conveyancing solicitors assured me that they are sending me a report on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Tiverton should include some of the following:
- You should be sent a copy of the lease
What advice can you give us when it comes to appointing a Tiverton conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Tiverton conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Tiverton 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 helpful:
- If the firm is not ALEP accredited then why not?
Can you provide any advice for leasehold conveyancing in Tiverton from the perspective of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Tiverton can be avoided where you instruct lawyers the minute your agents start advertising the property and ask them to collate the leasehold information needed by the buyers conveyancers.
- The majority freeholders or managing agents in Tiverton levy fees for providing 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 on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Tiverton.
We expect to complete the disposal of our £400000 flat in Tiverton on Friday in a week. The managing agents has quoted £420 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Tiverton?
Tiverton conveyancing on leasehold apartments usually necessitates the purchaser’s solicitor submitting questions for the landlord to address. Although the landlord is not legally bound to answer these enquiries the majority will be content to do so. They may invoice a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The management information fee demanded by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration fees, without which the invoice is technically not due. Reality however dictates that you have no option but to pay whatever is requested of you if you want to exchange contracts with the buyer.
What makes a Tiverton lease problematic?
There is nothing unique about leasehold conveyancing in Tiverton. Most leases are individual and legal mistakes in the legal wording can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the property
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
You may encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Norwich and Peterborough Building Society, and Aldermore all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to pull out.
I inherited a basement flat in Tiverton, conveyancing was carried out in 2006. Can you work out an approximate cost of a lease extension? Similar flats in Tiverton with over 90 years remaining are worth £205,000. The ground rent is £45 invoiced annually. The lease comes to an end on 21st October 2080
With 60 years left to run the likely cost is going to range between £22,800 and £26,400 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do 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 should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.