Examples of recent questions relating to leasehold conveyancing in Anlaby
I am on look out for some leasehold conveyancing in Anlaby. 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 Anlaby - then the leasehold title will always include the basic details 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 am hoping to put an offer on a small detached house that seems to meet my requirements, at a great price which is making it more attractive. I have just been informed that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Anlaby. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Anlaby ?
Most houses in Anlaby are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Anlaby in which case you should be looking for a Anlaby conveyancing solicitor and check that they are used to dealing with 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 such as requiring the landlord’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the house is part of an estate. Your lawyer should advise you fully on all the issues.
I've recently bought a leasehold house in Anlaby. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner 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).
I am employed by a busy estate agency in Anlaby where we have witnessed a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given conflicting advice from local Anlaby conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can instigate 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is 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.
What are the common defects that you witness in leases for Anlaby properties?
Leasehold conveyancing in Anlaby is not unique. Most leases is drafted differently and drafting errors can result in certain clauses are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the property
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You may have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, The Royal Bank of Scotland, and Nottingham Building Society all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to pull out.
I own a 1st floor flat in Anlaby, conveyancing having been completed 8 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Anlaby with an extended lease are worth £215,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease runs out on 21st October 2077
You have 56 years left to run we estimate the price of your lease extension to range between £26,600 and £30,800 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other 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 seeking the advice of a professional.