Common questions relating to Barton Le Clay leasehold conveyancing
I am in need of some leasehold conveyancing in Barton Le Clay. Before I get started I want to be sure as to the remaining lease term.
If the lease is recorded at the land registry - and 99.9% are in Barton Le Clay - then the leasehold title will always include the short particulars 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 own a leasehold flat in Barton Le Clay. Conveyancing and Yorkshire Building Society mortgage organised. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1998. The conveyancing solicitor in Barton Le Clay who acted for me is not around.Do I pay?
First make enquiries of HMLR to be sure that this person is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Barton Le Clay conveyancing firm to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am a negotiator for a busy estate agent office in Barton Le Clay where we see a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given contradictory information from local Barton Le Clay conveyancing firms. Please can you clarify whether the vendor of a flat can instigate the lease extension formalities for the buyer?
As long as the seller has owned the lease 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. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with 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 buyer.
Do you have any advice for leasehold conveyancing in Barton Le Clay with the purpose of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Barton Le Clay can be avoided where you appoint lawyers the minute your agents start advertising the property and ask them to put together the leasehold information which will be required by the buyers solicitors.
- Many freeholders or Management Companies in Barton Le Clay levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Barton Le Clay.
What makes a Barton Le Clay lease unacceptable for security purposes?
Leasehold conveyancing in Barton Le Clay is not unique. Most leases are unique and legal mistakes in the legal wording can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the building
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Barnsley Building Society, and Godiva Mortgages Ltd all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the buyer to withdraw.
I purchased a basement flat in Barton Le Clay, conveyancing having been completed in 2004. Can you work out an approximate cost of a lease extension? Comparable properties in Barton Le Clay with an extended lease are worth £266,000. The ground rent is £65 invoiced every year. The lease runs out on 21st October 2100
You have 79 years remaining on your lease we estimate the premium for your lease extension to be between £9,500 and £11,000 plus legals.
The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of 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 taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.