Questions and Answers: Ashbourne leasehold conveyancing
I am on look out for some leasehold conveyancing in Ashbourne. Before I get started I want to be sure as to the unexpired term of the lease.
If the lease is recorded at the land registry - and 99.9% are in Ashbourne - 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've found a house that appears to be perfect, at a reasonable price which is making it all the more appealing. I have subsequently discovered that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Ashbourne. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Ashbourne ?
The majority of houses in Ashbourne are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Ashbourne in which case you should be looking for a Ashbourne conveyancing solicitor and check that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’spermission to carry out alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your conveyancer will report to you on the legal implications.
I own a leasehold house in Ashbourne. Conveyancing and Alliance & Leicester mortgage organised. A letter has just been received from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1994. The conveyancing practitioner in Ashbourne who previously acted has long since retired.Do I pay?
First make enquiries of the Land Registry to be sure that this person is indeed the new freeholder. There is no need to instruct a Ashbourne conveyancing lawyer to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Last month I purchased a leasehold property in Ashbourne. Do I have any liability for service charges relating to a period prior to 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. It is an essential part 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).
Do you have any top tips for leasehold conveyancing in Ashbourne from the perspective of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Ashbourne can be reduced where you get in touch lawyers the minute you market your property and request that they start to collate the leasehold information needed by the purchasers’ lawyers.
- The majority freeholders or managing agents in Ashbourne charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Ashbourne.
I acquired a leasehold flat in Ashbourne, conveyancing formalities finalised in 2005. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Ashbourne with a long lease are worth £209,000. The ground rent is £65 invoiced every year. The lease finishes on 21st October 2071
You have 51 years left to run the likely cost is going to be between £37,100 and £42,800 as well as 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 in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.