Common questions relating to Twyford leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Twyford. Before diving in I require certainty as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and most are in Twyford - then the leasehold title will always include the basic details 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.
Having checked my lease I have discovered that there are only Sixty One years remaining on my flat in Twyford. I now want to get lease extension but my freeholder is can not be found. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. However, you will be required to prove that you have used your best endeavours to track down the freeholder. On the whole a specialist would be helpful to conduct investigations and to produce an expert document which can be used as evidence that the landlord can not be located. It is wise to seek advice from a property lawyer in relation to proving the landlord’s absence and the application to the County Court covering Twyford.
I've recently bought a leasehold flat in Twyford. Am I liable to pay service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner 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. 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).
Do you have any advice for leasehold conveyancing in Twyford with the aim of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Twyford can be reduced where you appoint lawyers the minute your agents start marketing the property and ask them to put together the leasehold documentation needed by the purchasers’ representatives.
- The majority freeholders or managing agents in Twyford levy fees for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Twyford.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £300000 maisonette in Twyford in just under a week. The landlords agents has quoted £420 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Twyford?
Twyford conveyancing on leasehold maisonettes more often than not necessitates the purchaser’s solicitor sending enquiries for the landlord to answer. Although the landlord is not legally bound to respond to such questions most will be content to assist. They are at liberty levy a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The administration charge levied by the landlord must be sent together with a synopsis of rights and obligations in relation to administration charges, otherwise the invoice is not strictly payable. Reality however dictates that one has little choice but to pay whatever is requested of you if you want to exchange contracts with the buyer.
I invested in buying a 1st floor flat in Twyford, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Twyford with over 90 years remaining are worth £202,000. The ground rent is £50 yearly. The lease ceases on 21st October 2098
With only 78 years unexpired we estimate the price of your lease extension to be between £10,500 and £12,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.