Sample questions relating to Wickford leasehold conveyancing
I am on look out for some leasehold conveyancing in Wickford. Before I get started I require certainty as to the unexpired term of the lease.
If the lease is recorded at the land registry - and almost all are in Wickford - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I have just appointed agents to market my garden flat in Wickford.Conveyancing solicitors are to be appointed soon but I have just had a yearly maintenance charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should 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 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 Wickford. Conveyancing and Skipton Building Society mortgage organised. 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 solicitor in Wickford who acted for me is not around.What should I do?
First make enquiries of HMLR to make sure that the individual claiming to own the freehold is in fact the new freeholder. It is not necessary to incur the fees of a Wickford conveyancing solicitor to do this as it can be done on-line for £3. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am tempted by the attractive purchase price for a couple of apartments in Wickford which have about fifty years remaining on the lease term. Do I need to be concerned?
A lease is a right 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 expensive to extend the lease. This is why it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this arena
If all goes to plan we aim to complete our sale of a £225000 maisonette in Wickford next Wednesday . The freeholder has quoted £312 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Wickford?
Wickford conveyancing on leasehold flats normally involves the buyer’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer these enquiries the majority will be willing to do so. They may levy a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some transactions it exceeds £800. The management information fee demanded by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration charges, without which the invoice is not strictly payable. Reality however dictates that one has little choice but to pay whatever is demanded should you wish to sell the property.
I invested in buying a 1 bedroom flat in Wickford, conveyancing was carried out in 1996. Can you work out an approximate cost of a lease extension? Equivalent properties in Wickford with a long lease are worth £223,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease comes to an end on 21st October 2077
With just 56 years unexpired we estimate the price of your lease extension to span between £26,600 and £30,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account 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.