Bodmin leasehold conveyancing Example Support Desk Enquiries
I am in need of some leasehold conveyancing in Bodmin. Before I get started I require certainty as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and most are in Bodmin - 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.
There are only 68 years unexpired on my lease in Bodmin. I am keen to get lease extension but my freeholder is can not be found. What are my options?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. However, you will be required to prove that you have made all reasonable attempts to track down the lessor. For most situations an enquiry agent would be helpful to try and locate and prepare a report which can be used as evidence that the freeholder can not be located. It is advisable to get professional help from a solicitor in relation to investigating the landlord’s absence and the vesting order request to the County Court covering Bodmin.
I am attracted to a two apartments in Bodmin both have approximately 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Bodmin. The lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the value of the lease deteriorate and it becomes more expensive to extend the lease. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this field
Can you provide any advice for leasehold conveyancing in Bodmin from the point of view of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Bodmin can be avoided where you instruct lawyers as soon as you market your property and ask them to collate the leasehold documentation needed by the purchasers’ solicitors.
- The majority freeholders or Management Companies in Bodmin charge for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Bodmin.
What makes a Bodmin lease unmortgageable?
There is nothing unique about leasehold conveyancing in Bodmin. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the building
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- 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. HSBC Bank, Barnsley Building Society, and Barclays Direct all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to pull out.
I am the registered owner of a basement flat in Bodmin, conveyancing formalities finalised 6 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Bodmin with over 90 years remaining are worth £210,000. The ground rent is £60 invoiced annually. The lease terminates on 21st October 2090
With 67 years remaining on your lease we estimate the premium for your lease extension to range between £10,500 and £12,000 as well as legals.
The figure above a general guide to costs for renewing 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 are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.