Babbacombe leasehold conveyancing Example Support Desk Enquiries
Due to complete next month on a studio apartment in Babbacombe. Conveyancing solicitors have said that they will have a report out to me within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Babbacombe should include some of the following:
- Do you need to have carpet in the flat or are you allowed wood flooring?
I am attracted to a couple of maisonettes in Babbacombe both have about fifty years left on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Babbacombe is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the premises. The majority of purchasers and banks, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Babbacombe conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I work for a long established estate agency in Babbacombe where we have experienced a number of flat sales derailed as a result of short leases. I have been given contradictory information from local Babbacombe conveyancing solicitors. Can you shed some light as to whether the seller of a flat can start the lease extension formalities for the buyer?
Provided that the seller has owned the lease 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 sit tight for 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 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 are your top tips when it comes to finding a Babbacombe conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Babbacombe conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Babbacombe conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- How experienced is the firm with lease extension legislation?
We expect to complete our sale of a £425000 flat in Babbacombe on Wednesday in a week. The landlords agents has quoted £396 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Babbacombe?
Babbacombe conveyancing on leasehold maisonettes normally involves the buyer’s solicitor submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to answer such questions most will be willing to do so. They are entitled charge a reasonable administration fee for responding to questions 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 cases it exceeds £800. The management information fee required by the landlord must be sent together with a summary of entitlements and obligations in respect of administration charges, without which the charge is not strictly payable. In reality you have little choice but to pay whatever is demanded should you wish to complete the sale of your home.
I purchased a 1st floor flat in Babbacombe, conveyancing was carried out 2012. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Babbacombe with over 90 years remaining are worth £224,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease ends on 21st October 2084
You have 63 years left to run the likely cost is going to be between £17,100 and £19,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously want to 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.