Examples of recent questions relating to leasehold conveyancing in Ambleside
My wife and I purchased a leasehold flat in Ambleside. Conveyancing and The Mortgage Works mortgage are in place. A letter has just been received 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 1994. The conveyancing solicitor in Ambleside who acted for me is not around.Do I pay?
First make enquiries of the Land Registry to make sure that the individual claiming to own the freehold is indeed the new freeholder. It is not necessary to incur the fees of a Ambleside conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am looking at a couple of flats in Ambleside both have about 50 years remaining on the leases. Will this present a problem?
A lease is a right to use the property for a period of time. As the lease gets shorter the marketability of the lease decreases and results in it becoming more costly to acquire a lease extension. For this reason it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this arena
I work for a reputable estate agency in Ambleside where we have witnessed a number of flat sales derailed as a result of leases having less than 80 years remaining. I have received conflicting advice from local Ambleside conveyancing firms. Can you shed some light as to whether the owner of a flat can initiate the lease extension process 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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 buyer.
What advice can you give us when it comes to appointing a Ambleside conveyancing practice to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Ambleside conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Ambleside conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- What volume of lease extensions have they completed in Ambleside in the last 12 months?
Can you provide any top tips for leasehold conveyancing in Ambleside from the point of view of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Ambleside can be avoided if you instruct lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the buyers conveyancers.
- If you have carried out any alterations to the residence would they have required Landlord’s permission? In particular have you installed wooden flooring? Ambleside leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence from the Landlord consenting to such works. If you dont have the consents to hand do not communicate with the landlord without checking with your conveyancer before hand.
I bought a 1st floor flat in Ambleside, conveyancing was carried out 2001. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Ambleside with a long lease are worth £201,000. The average or mid-range amount of ground rent is £45 yearly. The lease comes to an end on 21st October 2090
With just 69 years remaining on your lease the likely cost is going to span between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.