Common questions relating to Babbacombe leasehold conveyancing
I only have Seventy years remaining on my flat in Babbacombe. I now wish to get lease extension but my landlord is missing. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. However, you will be required to demonstrate that you have done all that could be expected to locate the landlord. For most situations a specialist should be useful to try and locate and to produce a report to be used as evidence that the landlord is indeed missing. It is wise to seek advice from a conveyancer both on investigating the landlord’s disappearance and the application to the County Court covering Babbacombe.
I am hoping to exchange soon on a leasehold property in Babbacombe. Conveyancing solicitors assured me that they report fully tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Babbacombe should include some of the following:
- The length of the lease term You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years
I have just appointed agents to market my garden flat in Babbacombe.Conveyancing is yet to be initiated but I have just had a quarterly service charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should discharge 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. This will smooth the conveyancing process.
I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have just discovered that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Babbacombe. Conveyancing advisers have not yet been appointed. Will they explain the issues?
The majority of houses in Babbacombe are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Babbacombe in which case you should be looking for a Babbacombe conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’sconsent to carry out alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your solicitor should appraise you on the various issues.
What makes a Babbacombe lease problematic?
There is nothing unique about leasehold conveyancing in Babbacombe. Most leases is drafted differently and drafting errors can result in certain sections are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the building
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
You will encounter 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. Accord Mortgages Ltd, Coventry Building Society, and Britannia all have very detailed requirements 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, forcing the buyer to pull out.
I acquired a split level flat in Babbacombe, conveyancing formalities finalised in 2007. 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 Babbacombe with an extended lease are worth £175,000. The ground rent is £55 invoiced every year. The lease runs out on 21st October 2097
With just 76 years left to run we estimate the price of your lease extension to span between £7,600 and £8,800 plus 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 a more accurate figure in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.