Fixed-fee leasehold conveyancing in Beaworthy:

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Sample questions relating to Beaworthy leasehold conveyancing

Back In 2002, I bought a leasehold house in Beaworthy. Conveyancing and The Royal Bank of Scotland mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Beaworthy who previously acted has now retired.What should I do?

First contact the Land Registry to be sure that this person is indeed the new freeholder. You do not need to incur the fees of a Beaworthy conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. Rest assured 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.

I work for a reputable estate agency in Beaworthy where we have witnessed a few flat sales derailed due to short leases. I have been given contradictory information from local Beaworthy conveyancing firms. Could you clarify whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to 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 sit tight for 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 at the same time as completion of the sale.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.

What are your top tips when it comes to choosing a Beaworthy conveyancing practice to deal with our lease extension?

When appointing a property lawyer for your lease extension (regardless if they are a Beaworthy conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Beaworthy conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

  • How experienced is the practice with lease extension legislation?
  • If the firm is not ALEP accredited then what is the reason?

  • We expect to complete the sale of our £400000 apartment in Beaworthy on Thursday in a week. The landlords agents has quoted £372 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Beaworthy?

    Beaworthy conveyancing on leasehold maisonettes typically results in administration charges raised by managing agents :

    • Addressing conveyancing due diligence questions
    • Where consent is required before sale in Beaworthy
    • Copies of the building insurance and schedule
    • Deeds of covenant upon sale
    • Registering of the assignment of the change of lessee after a sale
    Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Beaworthy leasehold property is £350. For Beaworthy conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to provide answers.

    What makes a Beaworthy lease unacceptable for security purposes?

    Leasehold conveyancing in Beaworthy is not unique. Most leases is drafted differently and drafting errors can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the building
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You could have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Chelsea Building Society, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to withdraw.

    I invested in buying a 1st floor flat in Beaworthy, conveyancing was carried out in 2012. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Beaworthy with a long lease are worth £234,000. The ground rent is £60 yearly. The lease terminates on 21st October 2074

    With just 52 years remaining on your lease the likely cost is going to range between £31,400 and £36,200 plus costs.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Beaworthy