Bagillt leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Bagillt. Before diving in I want to be sure as to the remaining lease term.
Assuming the lease is registered - and most are in Bagillt - 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.
Having checked my lease I have discovered that there are only Seventy years remaining on my flat in Bagillt. I am keen to extend my lease but my landlord is absent. What options are available to me?
If you qualify, 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 enable the lease to be extended by the Court. However, you will be required to prove that you or your lawyers have done all that could be expected to locate the lessor. On the whole a specialist may be helpful to try and locate and prepare a report which can be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a conveyancer both on devolving into the landlord’s disappearance and the application to the County Court overseeing Bagillt.
I have just started marketing my garden apartment in Bagillt.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly service charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is clear 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. Having a clear account will assist your cause and will leave you no worse off financially.
I've recently bought a leasehold house in Bagillt. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation 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. Strange as it may seem, 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 be sure 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 advice for leasehold conveyancing in Bagillt from the point of view of expediting the sale process?
- Much of the delay in leasehold conveyancing in Bagillt can be avoided if you get in touch lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the buyers lawyers.
- The majority landlords or managing agents in Bagillt levy fees 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 can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Bagillt.
I am the registered owner of a garden flat in Bagillt, conveyancing formalities finalised in 2007. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Bagillt with a long lease are worth £176,000. The ground rent is £55 charged once a year. The lease comes to an end on 21st October 2075
With 54 years unexpired we estimate the price of your lease extension to span between £26,600 and £30,800 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 a more accurate figure without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.