Sample questions relating to Bacup leasehold conveyancing
Expecting to sign contracts shortly on a garden flat in Bacup. Conveyancing lawyers have said that they report fully next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Bacup should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I've found a house that appears to be perfect, at a great price which is making it all the more appealing. I have since 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 Bacup. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Bacup ?
Most houses in Bacup are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are buying in Bacup in which case you should be looking for a Bacup conveyancing practitioner and be sure that they have experience in advising 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 entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the house is part of an estate. Your solicitor should advise you fully on all the issues.
My wife and I purchased a leasehold flat in Bacup. Conveyancing and Barclays mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Bacup who previously acted has long since retired.What should I do?
First make enquiries of the Land Registry to make sure that this person is in fact the new freeholder. There is no need to instruct a Bacup conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I work for a long established estate agency in Bacup where we have witnessed a number of flat sales derailed due to leases having less than 80 years remaining. I have received inconsistent advice from local Bacup conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?
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 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 at the same time as completion of the sale.
Alternatively, it may be possible 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 purchaser.
What makes a Bacup lease defective?
Leasehold conveyancing in Bacup is not unique. All leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the premises
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You could encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Leeds Building Society, and Bank of Ireland all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.
I am the registered owner of a 1st floor flat in Bacup, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Bacup with over 90 years remaining are worth £208,000. The ground rent is £55 levied per year. The lease expires on 21st October 2070
You have 50 years left to run we estimate the premium for your lease extension to range between £33,300 and £38,400 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on 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 additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.