Birkenhead leasehold conveyancing Example Support Desk Enquiries
I am in need of some leasehold conveyancing in Birkenhead. Before I set the wheels in motion I want to be sure as to the remaining lease term.
If the lease is registered - and most are in Birkenhead - 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.
I would like to let out my leasehold apartment in Birkenhead. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Notwithstanding that your previous Birkenhead conveyancing lawyer is not available you can review your lease to check if you are permitted to let out the apartment. The accepted inference is that if the deeds are silent, subletting is allowed. Quite often there is a prerequisite that you are obliged to seek consent from your landlord or some other party in advance of subletting. The net result is that you cannot sublet in the absence of prior permission. The consent is not allowed to be unreasonably turned down. If the lease prohibits you from letting out the property you will need to ask your landlord if they are willing to waive this restriction.
My wife and I purchased a leasehold house in Birkenhead. Conveyancing and Lloyds TSB Bank mortgage organised. I have received a letter from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Birkenhead who previously acted has long since retired.Any advice?
First make enquiries of the Land Registry 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 Birkenhead conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am attracted to a couple of apartments in Birkenhead both have about fifty years unexpired on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Birkenhead is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. For most purchasers and mortgage companies, leases with less than 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Birkenhead conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I am employed by a busy estate agency in Birkenhead where we have experienced a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have been given inconsistent advice from local Birkenhead conveyancing firms. Can you shed some light as to whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner 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. 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 at the same time as completion of the disposal of the property.
An alternative approach is 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.
I own a basement flat in Birkenhead, conveyancing formalities finalised 2004. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Birkenhead with a long lease are worth £242,000. The ground rent is £65 yearly. The lease ceases on 21st October 2076
With just 55 years unexpired we estimate the price of your lease extension to be between £26,600 and £30,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.