Frequently asked questions relating to Westcliff On Sea leasehold conveyancing
I have just started marketing my ground floor flat in Westcliff On Sea.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly service charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should pay the service charge 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've found a house that seems to be perfect, at a reasonable price which is making it more attractive. I have just discovered that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Westcliff On Sea. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?
The majority of houses in Westcliff On Sea are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are purchasing in Westcliff On Sea so you should seriously consider shopping around for a Westcliff On Sea conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’spermission to conduct changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the property is part of an estate. Your lawyer should report to you on the legal implications.
Last month I purchased a leasehold property in Westcliff On Sea. Do I have any liability for service charges for periods before my ownership?
In a situation 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. It is an essential part 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).
Can you provide any top tips for leasehold conveyancing in Westcliff On Sea from the point of view of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Westcliff On Sea can be reduced where you get in touch lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the buyers representatives.
- Many landlords or managing agents in Westcliff On Sea charge for supplying management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Westcliff On Sea.
- In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Westcliff On Sea leases often stipulate that internal structural changes or addition of wooden flooring calls for a licence issued by the Landlord approving such changes. Where you dont have the approvals in place you should not communicate with the landlord without contacting your lawyer in advance.
- If there is a history of any disputes with your freeholder or managing agents it is very important that these are resolved before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic rather than unsettled.
- If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share certificate. Organising a re-issued share certificate is often a lengthy formality and delays many a Westcliff On Sea conveyancing transaction. Where a reissued share is needed, you should approach the company director and secretary or managing agents (if relevant) for this at the earliest opportunity.
Completion in due on our sale of a £ 250000 maisonette in Westcliff On Sea next Friday . The managing agents has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Westcliff On Sea?
For most leasehold sales in Westcliff On Sea conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing pre-contract enquiries
- Where consent is required before sale in Westcliff On Sea
- 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 ground floor flat in Westcliff On Sea, conveyancing formalities finalised 1995. Can you work out an approximate cost of a lease extension? Corresponding properties in Westcliff On Sea with a long lease are worth £207,000. The average or mid-range amount of ground rent is £45 per annum. The lease expires on 21st October 2087
With 61 years left to run we estimate the price of your lease extension to range between £18,100 and £20,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is 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 the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.