Examples of recent questions relating to leasehold conveyancing in Wargrave
Estate agents have just been given the go-ahead to market my garden flat in Wargrave.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly service charge demand – Do I pay up?
The sensible thing to do is discharge 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 unless 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.
My wife and I purchased a leasehold house in Wargrave. Conveyancing and Alliance & Leicester mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Wargrave who acted for me is not around.Any advice?
First make enquiries of the Land Registry to be sure that this person is indeed the new freeholder. There is no need to instruct a Wargrave conveyancing practitioner to do this as it can be done on-line for a few pound. Rest assured 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 am tempted by the attractive purchase price for a couple of flats in Wargrave which have about 50 years left on the lease term. Will this present a problem?
There are plenty of short leases in Wargrave. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the marketability of the lease decreases and results in it becoming more costly to acquire a lease extension. For this reason it is generally wise 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 such properties. Lease extension can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this arena
Can you provide any advice for leasehold conveyancing in Wargrave from the point of view of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Wargrave can be reduced where you instruct lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the buyers lawyers.
- The majority landlords or managing agents in Wargrave levy fees for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Wargrave.
All being well we will complete the sale of our £325000 garden flat in Wargrave on Friday in a week. The managing agents has quoted £324 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Wargrave?
For most leasehold sales in Wargrave 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 questions
- Where consent is required before sale in Wargrave
- 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 own a basement flat in Wargrave, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Wargrave with an extended lease are worth £174,000. The ground rent is £60 invoiced every year. The lease ceases on 21st October 2091
With just 70 years left to run the likely cost is going to be between £10,500 and £12,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.