Washwood Heath leasehold conveyancing Example Support Desk Enquiries
Planning to exchange soon on a studio apartment in Washwood Heath. Conveyancing lawyers inform me that they report fully tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Washwood Heath should include some of the following:
- Setting out your rights in respect of common areas in the building.By way of example, does the lease grant a right of way over a path or staircase?
My wife and I purchased a leasehold house in Washwood Heath. Conveyancing and Clydesdale mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1994. The conveyancing practitioner in Washwood Heath who previously acted has now retired.What should I do?
First make enquiries of HMLR to make sure that this person is in fact the new freeholder. It is not necessary to incur the fees of a Washwood Heath conveyancing firm to do this as it can be done on-line for £3. You should note that in any event, 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 maisonettes in Washwood Heath both have approximately fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Washwood Heath is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. The majority of buyers and lenders, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Washwood Heath conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I've recently bought a leasehold house in Washwood Heath. 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 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).
All being well we will complete our sale of a £250000 garden flat in Washwood Heath next week. The managing agents has quoted £396 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Washwood Heath?
For most leasehold sales in Washwood Heath conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering conveyancing due diligence questions
- Where consent is required before sale in Washwood Heath
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I bought a studio flat in Washwood Heath, conveyancing formalities finalised 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 Washwood Heath with a long lease are worth £253,000. The average or mid-range amount of ground rent is £60 levied per year. The lease runs out on 21st October 2082
With 60 years left to run we estimate the premium for your lease extension to be between £20,900 and £24,200 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.