Frequently asked questions relating to Barnstaple leasehold conveyancing
Having checked my lease I have discovered that there are only 62 years left on my lease in Barnstaple. I now wish to extend my lease but my freeholder is absent. What should I do?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to track down the landlord. For most situations a specialist may be helpful to carry out a search and to produce a report which can be accepted by the court as evidence that the freeholder is indeed missing. It is wise to seek advice from a conveyancer in relation to devolving into the landlord’s disappearance and the application to the County Court overseeing Barnstaple.
Planning to exchange soon on a basement flat in Barnstaple. Conveyancing solicitors inform me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Barnstaple should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
I’m about to sell my garden apartment in Barnstaple.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly maintenance charge demand – what should I do?
It best that you 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 managing agents will not acknowledge the buyer until 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.
My wife and I purchased a leasehold house in Barnstaple. Conveyancing and TSB mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1991. The conveyancing practitioner in Barnstaple who previously acted has now retired.What should I do?
First contact HMLR to make sure that the individual purporting to own the freehold is indeed the new freeholder. You do not need to instruct a Barnstaple conveyancing lawyer to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
What are the common deficiencies that you witness in leases for Barnstaple properties?
There is nothing unique about leasehold conveyancing in Barnstaple. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the building
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You could encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Virgin Money, and Barclays Direct all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to pull out.
I acquired a basement flat in Barnstaple, conveyancing was carried out 2009. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Barnstaple with an extended lease are worth £201,000. The average or mid-range amount of ground rent is £55 per annum. The lease runs out on 21st October 2096
You have 72 years left to run we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as legals.
The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you 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.
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