Questions and Answers: Baildon leasehold conveyancing
I am in need of some leasehold conveyancing in Baildon. Before I get started I would like to find out the remaining lease term.
If the lease is recorded at the land registry - and 99.9% are in Baildon - 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 have recently realised that I have Seventy years remaining on my flat in Baildon. I now want to get lease extension but my landlord is missing. What are my options?
On the basis that 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 lengthened by the magistrate. However, you will be required to demonstrate that you have used your best endeavours to locate the lessor. For most situations an enquiry agent may be helpful to try and locate and to produce a report to be used as evidence that the freeholder can not be located. It is advisable to get professional help from a solicitor both on devolving into the landlord’s absence and the application to the County Court overseeing Baildon.
My wife and I purchased a leasehold house in Baildon. Conveyancing and Platform Home Loans Ltd mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1994. The conveyancing practitioner in Baildon who previously acted has now retired.What should I do?
The first thing you should do is contact HMLR to be sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Baildon conveyancing lawyer to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Last month I purchased a leasehold flat in Baildon. Do I have any liability for 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 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).
I work for a reputable estate agency in Baildon where we have experienced a number of flat sales put at risk due to leases having less than 80 years remaining. I have received inconsistent advice from local Baildon conveyancing firms. Please can you clarify whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease 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 buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder 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.
I invested in buying a split level flat in Baildon, conveyancing formalities finalised in 2007. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Baildon with an extended lease are worth £237,000. The ground rent is £65 levied per year. The lease finishes on 21st October 2096
With 71 years left to run the likely cost is going to range between £10,500 and £12,000 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 in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.
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