Top Five Questions relating to Barry Island leasehold conveyancing
I am in need of some leasehold conveyancing in Barry Island. Before I get started I would like to find out the unexpired term of the lease.
If the lease is registered - and almost all are in Barry Island - 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.
There are only 72 years left on my lease in Barry Island. I now want to extend my lease but my landlord is can not be found. What should I do?
If you meet the appropriate requirements, 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 mean that your lease can be lengthened by the Court. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to track down the freeholder. On the whole a specialist should be helpful to try and locate and to produce a report to be used as proof that the landlord can not be located. It is advisable to get professional help from a property lawyer both on devolving into the landlord’s disappearance and the vesting order request to the County Court overseeing Barry Island.
Estate agents have just been given the go-ahead to market my garden apartment in Barry Island.Conveyancing is yet to be initiated but I have just had a half-yearly maintenance charge invoice – what should I do?
It best that you pay 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 management companies 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.
I own a leasehold flat in Barry Island. Conveyancing and Skipton Building Society mortgage organised. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1992. The conveyancing solicitor in Barry Island who acted for me is not around.Do I pay?
First contact HMLR to make sure that the individual purporting to own the freehold is indeed the new freeholder. It is not necessary to incur the fees of a Barry Island conveyancing solicitor to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
All being well we will complete the sale of our £300000 flat in Barry Island next week. The management company has quoted £372 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Barry Island?
Barry Island conveyancing on leasehold flats normally involves the buyer’s lawyer submitting questions for the landlord to answer. Although the landlord is not legally bound to respond to such questions most will be willing to do so. They are entitled levy a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some situations it is above £800. The management information fee levied by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration charges, otherwise the charge is technically not due. In reality one has little choice but to pay whatever is requested of you should you wish to complete the sale of your home.
I inherited a leasehold flat in Barry Island, conveyancing was carried out 8 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Barry Island with over 90 years remaining are worth £210,000. The average or mid-range amount of ground rent is £45 yearly. The lease comes to an end on 21st October 2088
With 62 years left to run we estimate the price of your lease extension to span between £16,200 and £18,600 as well as legals.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.
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