Common questions relating to Topsham leasehold conveyancing
Due to complete next month on a basement flat in Topsham. Conveyancing lawyers assured me that they are sending me a report next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Topsham should include some of the following:
- The physical extent of the property. This will be the property itself but could also incorporate a roof space or cellar if appropriate.
Can you offer any advice when it comes to choosing a Topsham conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for lease extension works (regardless if they are a Topsham conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Topsham conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- How experienced is the practice with lease extension legislation?
Can you provide any top tips for leasehold conveyancing in Topsham from the point of view of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Topsham can be bypassed where you instruct lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation needed by the buyers solicitors.
- Many freeholders or managing agents in Topsham levy fees for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. 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 cause of delay in leasehold conveyancing in Topsham.
Completion in due on the disposal of our £150000 maisonette in Topsham in 8 days. The landlords agents has quoted £420 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Topsham?
For the majority of leasehold sales in Topsham conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing pre-exchange enquiries
- Where consent is required before sale in Topsham
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
In relation to leasehold conveyancing in Topsham what are the most frequent lease problems?
Leasehold conveyancing in Topsham is not unique. Most leases is drafted differently and drafting errors can result in certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the property
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Bank of Scotland, and Bank of Ireland all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to withdraw.
I purchased a basement flat in Topsham, conveyancing formalities finalised 2007. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Topsham with an extended lease are worth £240,000. The average or mid-range amount of ground rent is £65 per annum. The lease ends on 21st October 2101
With only 78 years left to run we estimate the premium for your lease extension to span between £10,500 and £12,000 as well as costs.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.