Common questions relating to West Thurrock leasehold conveyancing
I have just started marketing my ground floor flat in West Thurrock.Conveyancing is yet to be initiated but I have just had a quarterly service charge demand – what should I do?
It best that you clear 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 managing agents 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.
I own a leasehold flat in West Thurrock. Conveyancing and Godiva Mortgages Ltd mortgage organised. I have received a letter from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1998. The conveyancing practitioner in West Thurrock who acted for me is not around.Do I pay?
The first thing you should do is contact HMLR to be sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. You do not need to instruct a West Thurrock conveyancing firm to do this as it can be done on-line for a few pound. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Do you have any advice for leasehold conveyancing in West Thurrock with the aim of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in West Thurrock can be avoided where you instruct lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation needed by the buyers representatives.
- Many freeholders or Management Companies in West Thurrock levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in West Thurrock.
- Some West Thurrock leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
- If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share certificate. Obtaining a new share certificate can be a lengthy formality and slows down many a West Thurrock home move. If a reissued share certificate is required, do contact the company director and secretary or managing agents (if applicable) for this as soon as possible.
- You believe that you know the number of years remaining on your lease but it would be wise to double-check by asking your lawyers. A purchaser's lawyer will not be happy to advise their client to to exchange contracts if the lease term is less than 80 years. It is therefore important at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.
All being well we will complete our sale of a £ 275000 apartment in West Thurrock on Monday in a week. The freeholder has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in West Thurrock?
West Thurrock conveyancing on leasehold apartments more often than not requires the purchaser’s lawyer submitting questions for the landlord to answer. Although the landlord is not legally bound to address such questions most will be content to assist. They are entitled charge a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some situations it is above £800. The administration charge levied by the landlord must be sent together with a summary of rights and obligations in relation to administration fees, without which the charge is not strictly payable. Reality however dictates that one has no choice but to pay whatever is requested of you if you want to sell the property.
I have tried to negotiate informally with with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a West Thurrock conveyancing firm to assist?
Absolutely. We can put you in touch with a West Thurrock conveyancing firm who can help.
An example of a Lease Extension case for a West Thurrock premises is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case affected 13 flats. The unexpired lease term was 76 years.
In relation to leasehold conveyancing in West Thurrock what are the most common lease defects?
There is nothing unique about leasehold conveyancing in West Thurrock. All leases are individual and drafting errors can sometimes mean that certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the building
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Barnsley Building Society, and Bank of Ireland all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to withdraw.
I acquired a 1st floor flat in West Thurrock, conveyancing was carried out 6 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 West Thurrock with an extended lease are worth £222,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease finishes on 21st October 2092
With only 66 years unexpired we estimate the price of your lease extension to span between £16,200 and £18,600 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.