Totterdown leasehold conveyancing: Q and A’s
I am hoping to sign contracts shortly on a garden flat in Totterdown. Conveyancing solicitors have said that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Totterdown should include some of the following:
- The length of the lease term You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
Back In 2007, I bought a leasehold flat in Totterdown. Conveyancing and Britannia mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1992. The conveyancing solicitor in Totterdown who acted for me is not around.What should I do?
First make enquiries of HMLR to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Totterdown conveyancing firm to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Do you have any advice for leasehold conveyancing in Totterdown from the perspective of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Totterdown can be avoided if you appoint lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information needed by the buyers solicitors.
- Many freeholders or managing agents in Totterdown levy fees for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Totterdown.
If all goes to plan we aim to complete the disposal of our £125000 flat in Totterdown in seven days. The management company has quoted £420 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Totterdown?
For the majority of leasehold sales in Totterdown conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing pre-contract enquiries
- Where consent is required before sale in Totterdown
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
When it comes to leasehold conveyancing in Totterdown what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Totterdown. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are wrong. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the premises
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Chelsea Building Society, and Clydesdale 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 grant the mortgage, forcing the purchaser to pull out.
I purchased a ground floor flat in Totterdown, conveyancing formalities finalised 2003. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Totterdown with over 90 years remaining are worth £210,000. The ground rent is £65 per annum. The lease comes to an end on 21st October 2089
With just 68 years left to run we estimate the premium for your lease extension to range between £10,500 and £12,000 plus professional fees.
The figure that we have given is a general guide to costs for renewing 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 are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.