Questions and Answers: Walkington leasehold conveyancing
I have just appointed agents to market my 2 bed flat in Walkington.Conveyancing has not commenced but I have just had a yearly 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. Having a clear account will assist your cause and will leave you no worse off financially.
I today plan to offer on a house that appears to be perfect, at a great price which is making it more attractive. I have subsequently discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Walkington. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Walkington ?
Most houses in Walkington are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Walkington in which case you should be looking for a Walkington conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’spermission to carry out changes to the property. It may be necessary to pay a contribution towards the maintenance of the communal areas where the property is located on an estate. Your lawyer should appraise you on the various issues.
I am tempted by the attractive purchase price for a couple of maisonettes in Walkington which have in the region of forty five years unexpired on the lease term. Will this present a problem?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the marketability of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this area
Can you provide any top tips for leasehold conveyancing in Walkington with the purpose of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Walkington can be reduced where you get in touch lawyers the minute you market your property and ask them to put together the leasehold documentation needed by the buyers lawyers.
- In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Most leases in Walkington state that internal structural alterations or laying down wooden flooring calls for a licence from the Landlord consenting to such alterations. Should you dont have the approvals to hand you should not communicate with the landlord without contacting your solicitor in advance.
Completion in due on the sale of our £125000 apartment in Walkington next Tuesday . The management company has quoted £324 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Walkington?
Walkington conveyancing on leasehold apartments normally results in fees being invoiced by managing agents :
- Answering pre-exchange questions
- Where consent is required before sale in Walkington
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I bought a split level flat in Walkington, conveyancing formalities finalised 10 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Walkington with over 90 years remaining are worth £246,000. The ground rent is £60 yearly. The lease finishes on 21st October 2077
With 53 years left to run the likely cost is going to span between £31,400 and £36,200 as well as costs.
The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional 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 getting professional advice.