Questions and Answers: Witham leasehold conveyancing
I am in need of some leasehold conveyancing in Witham. Before I get started I want to be sure as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and almost all are in Witham - 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 started marketing my garden apartment in Witham.Conveyancing solicitors are to be appointed soon but I have just received a yearly service charge demand – Do I pay up?
The sensible thing to do is pay 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.
I own a leasehold house in Witham. Conveyancing and Skipton Building Society mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in Witham who previously acted has now retired.Any advice?
First make enquiries of the Land Registry to be sure that this person is in fact the new freeholder. You do not need to instruct a Witham conveyancing practitioner 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 freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I've recently bought a leasehold house in Witham. 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. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure 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).
Completion in due on the disposal of our £ 475000 maisonette in Witham next Monday . The landlords agents has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Witham?
Witham conveyancing on leasehold maisonettes normally involves the buyer’s lawyer sending questions 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 are at liberty charge a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some situations it exceeds £800. The administration charge required by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration fees, without which the charge is not strictly payable. In reality you have little choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
I bought a leasehold flat in Witham, conveyancing was carried out in 2008. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Witham with over 90 years remaining are worth £214,000. The ground rent is £65 invoiced annually. The lease expires on 21st October 2085
With 59 years remaining on your lease we estimate the premium for 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 cannot give you a more accurate figure without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.