Top Five Questions relating to Borth Y Gest leasehold conveyancing
I am on look out for some leasehold conveyancing in Borth Y Gest. Before I get started I want to be sure as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and most are in Borth Y Gest - 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.
Expecting to sign contracts shortly on a leasehold property in Borth Y Gest. Conveyancing lawyers have said that they report fully tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Borth Y Gest should include some of the following:
- How long the lease is You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
I am a negotiator for a reputable estate agency in Borth Y Gest where we see a number of flat sales derailed as a result of short leases. I have received conflicting advice from local Borth Y Gest conveyancing firms. Please can you shed some light as to whether the owner of a flat can commence the lease extension formalities 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is 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.
What advice can you give us when it comes to appointing a Borth Y Gest conveyancing firm to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Borth Y Gest conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with two or three firms including non Borth Y Gest conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:
- How familiar is the practice with lease extension legislation?
What are the frequently found deficiencies that you come across in leases for Borth Y Gest properties?
There is nothing unique about leasehold conveyancing in Borth Y Gest. Most leases are unique and drafting errors can sometimes mean that certain sections are missing. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the property
- 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
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Chelsea Building Society, and TSB all have express requirements 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, forcing the purchaser to pull out.
I bought a 1 bedroom flat in Borth Y Gest, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Borth Y Gest with an extended lease are worth £219,000. The ground rent is £55 levied per year. The lease comes to an end on 21st October 2105
With just 79 years remaining on your lease the likely cost is going to be between £10,500 and £12,000 as well as professional fees.
The suggested premium range above 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 this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.
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