Top Five Questions relating to Wadhurst leasehold conveyancing
Due to exchange soon on a leasehold property in Wadhurst. Conveyancing solicitors inform me that they are sending me a report next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Wadhurst should include some of the following:
- Do you need to have carpet in the flat or are you allowed wood flooring?
I’m about to sell my ground floor flat in Wadhurst.Conveyancing is yet to be initiated but I have just had a quarterly maintenance charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is pay the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
Back In 2007, I bought a leasehold house in Wadhurst. Conveyancing and Accord Mortgages Ltd mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1991. The conveyancing practitioner in Wadhurst who previously acted has now retired.Any advice?
First contact the Land Registry to make sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Wadhurst conveyancing solicitor to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I've recently bought a leasehold flat in Wadhurst. Am I liable to pay service charges for periods before completion of my purchase?
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 ensure 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).
We expect to complete the disposal of our £275000 garden flat in Wadhurst in 5 days. The management company has quoted £396 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Wadhurst?
Wadhurst conveyancing on leasehold flats usually involves fees being levied by managing agents :
- Completing pre-contract questions
- Where consent is required before sale in Wadhurst
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I invested in buying a studio flat in Wadhurst, conveyancing was carried out 8 years ago. Can you work out an approximate cost of a lease extension? Equivalent properties in Wadhurst with over 90 years remaining are worth £200,000. The ground rent is £50 invoiced annually. The lease runs out on 21st October 2099
With only 79 years remaining on your lease the likely cost is going to range between £7,600 and £8,800 as well as costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be other concerns 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 without first seeking the advice of a professional.