Top Five Questions relating to Blandfordum leasehold conveyancing
I am on look out for some leasehold conveyancing in Blandfordum. Before I get started I would like to find out the remaining lease term.
If the lease is recorded at the land registry - and most are in Blandfordum - 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 am hoping to sign contracts shortly on a basement flat in Blandfordum. Conveyancing lawyers have said that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Blandfordum should include some of the following:
- Defining your rights in relation to common areas in the building.For example, does the lease permit a right of way over a path or staircase?
- Ground rent - how much and when you need to pay, and also know whether this is subject to change
- An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
- Changes to the flat (alterations and additions)
- The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
- Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
I own a leasehold flat in Blandfordum. Conveyancing and Bank of Scotland mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1995. The conveyancing solicitor in Blandfordum who previously acted has now retired.Any advice?
The first thing you should do is contact HMLR to be sure that this person is indeed the new freeholder. You do not need to incur the fees of a Blandfordum conveyancing practitioner to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am looking at a couple of apartments in Blandfordum which have approximately 50 years left on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Blandfordum is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of buyers and banks, leases with under 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 property 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 Blandfordum 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.
All being well we will complete the disposal of our £ 175000 flat in Blandfordum in nine days. The management company has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Blandfordum?
Blandfordum conveyancing on leasehold flats normally necessitates the buyer’s lawyer sending questions for the landlord to answer. Although the landlord is under no legal obligation to respond to such questions most will be willing to assist. They are entitled invoice a reasonable charge for answering enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The administration charge invoiced by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration charges, without which the invoice is not strictly payable. Reality however dictates that you have no choice but to pay whatever is demanded should you wish to exchange contracts with the buyer.
I bought a 1st floor flat in Blandfordum, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Blandfordum with an extended lease are worth £169,000. The ground rent is £65 invoiced every year. The lease finishes on 21st October 2082
You have 56 years remaining on your lease the likely cost is going to be between £25,700 and £29,600 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.