Frequently asked questions relating to Barton Le Clay leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Barton Le Clay. Before I get started I want to be sure as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and almost all are in Barton Le Clay - 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.
Estate agents have just been given the go-ahead to market my garden apartment in Barton Le Clay.Conveyancing solicitors are to be appointed soon but I have just had a quarterly service charge demand – what should I do?
The sensible thing to do is discharge 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 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 today plan to offer on a house that seems to be perfect, at a great figure which is making it all the more appealing. I have subsequently discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Barton Le Clay. Conveyancing advisers have are about to be instructed. Will they explain the issues?
Most houses in Barton Le Clay are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Barton Le Clay in which case you should be shopping around for a Barton Le Clay conveyancing practitioner and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the estate where the property is part of an estate. Your solicitor should appraise you on the various issues.
I am attracted to a couple of apartments in Barton Le Clay which have approximately fifty years left on the lease term. Do I need to be concerned?
There are plenty of short leases in Barton Le Clay. The lease is a right to use the property for a prescribed time frame. As a lease gets shorter the saleability of the lease deteriorate and it becomes more expensive to extend the lease. For this reason it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this area
I am employed by a long established estate agency in Barton Le Clay where we have experienced a few flat sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local Barton Le Clay conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start 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 to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
An alternative approach is 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 own a split level flat in Barton Le Clay, conveyancing was carried out 4 years ago. How much will my lease extension cost? Corresponding properties in Barton Le Clay with over 90 years remaining are worth £262,000. The ground rent is £65 invoiced annually. The lease expires on 21st October 2083
With just 63 years remaining on your lease the likely cost is going to span between £20,000 and £23,000 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.