Top Five Questions relating to Barnstaple leasehold conveyancing
Planning to exchange soon on a studio apartment in Barnstaple. Conveyancing solicitors have said that they are sending me a report on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Barnstaple should include some of the following:
- The physical extent of the property. This will be the apartment itself but may include a loft or cellar if applicable.
Estate agents have just been given the go-ahead to market my basement apartment in Barnstaple.Conveyancing has not commenced but I have just received a half-yearly service charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should clear the service charge 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 managing agents 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 am attracted to a two apartments in Barnstaple which have approximately 50 years remaining on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Barnstaple is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the property. For most buyers and banks, leases with less than 75 years become less and less marketable. 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 a residence 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 Barnstaple 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.
What advice can you give us when it comes to finding a Barnstaple conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Barnstaple conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you talk with several firms including non Barnstaple conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- How familiar is the firm with lease extension legislation?
Do you have any top tips for leasehold conveyancing in Barnstaple from the perspective of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Barnstaple can be avoided where you get in touch lawyers the minute your agents start advertising the property and ask them to put together the leasehold documentation needed by the buyers conveyancers.
- Many landlords or managing agents in Barnstaple levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Barnstaple.
I own a leasehold flat in Barnstaple, conveyancing formalities finalised 2006. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Barnstaple with over 90 years remaining are worth £265,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease runs out on 21st October 2078
With only 57 years remaining on your lease we estimate the premium for your lease extension to span between £22,800 and £26,400 plus legals.
The suggested premium range above 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 this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.