Recently asked questions relating to Wolviston leasehold conveyancing
I have just started marketing my ground floor apartment in Wolviston.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 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. This will smooth the conveyancing process.
I am hoping to put an offer on a small detached house that seems to be perfect, at a great figure which is making it all the more appealing. I have subsequently discovered that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Wolviston. Conveyancing advisers have are about to be instructed. Will they explain the issues?
The majority of houses in Wolviston are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Wolviston so you should seriously consider looking for a Wolviston conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the property is part of an estate. Your solicitor will advise you fully on all the issues.
I am employed by a busy estate agency in Wolviston where we have experienced a number of leasehold sales jeopardised due to short leases. I have received inconsistent advice from local Wolviston conveyancing solicitors. Can you shed some light as to whether the seller of a flat can commence the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Can you offer any advice when it comes to finding a Wolviston conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Wolviston conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non Wolviston conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:
- If they are not ALEP accredited then why not?
We expect to complete the sale of our £350000 maisonette in Wolviston on Friday in a week. The managing agents has quoted £300 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Wolviston?
Wolviston conveyancing on leasehold flats usually requires the buyer’s lawyer sending questions for the landlord to answer. Although the landlord is not legally bound to address such questions the majority will be willing to do so. They may levy a reasonable administration fee for answering enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some transactions it is above £800. The management information fee levied by the landlord must be accompanied by a summary of rights and obligations in respect of administration charges, otherwise the charge is not strictly payable. Reality however dictates that one has little option but to pay whatever is demanded should you wish to exchange contracts with the buyer.
I invested in buying a 2 bed flat in Wolviston, conveyancing was carried out 4 years ago. How much will my lease extension cost? Equivalent properties in Wolviston with a long lease are worth £245,000. The ground rent is £55 invoiced every year. The lease finishes on 21st October 2076
With just 55 years unexpired the likely cost is going to be between £26,600 and £30,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.