Common questions relating to Boscastle leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Boscastle. Before diving in I require certainty as to the unexpired term of the lease.
If the lease is recorded at the land registry - and 99.9% are in Boscastle - 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.
Due to sign contracts shortly on a basement flat in Boscastle. Conveyancing lawyers have said that they report fully on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Boscastle should include some of the following:
- Defining your legal entitlements in respect of common areas in the block.For example, does the lease provide for a right of way over a path or staircase?
I’m about to sell my basement flat in Boscastle.Conveyancing solicitors are to be appointed soon but I have just received a quarterly maintenance charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should clear the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I am looking at a couple of maisonettes in Boscastle both have in the region of forty five years unexpired on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Boscastle is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the property. The majority of purchasers and lenders, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 Boscastle 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
We expect to complete the sale of our £200000 maisonette in Boscastle in nine days. The landlords agents has quoted £300 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Boscastle?
Boscastle conveyancing on leasehold maisonettes often requires the buyer’s lawyer sending enquiries for the landlord to address. Although the landlord is under no legal obligation to address such questions the majority will be content to assist. They are entitled charge a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some cases it is above £800. The management information fee demanded by the landlord must be sent together with a summary of rights and obligations in relation to administration charges, otherwise the charge is technically not due. In reality you have no option but to pay whatever is demanded should you wish to complete the sale of your home.
Boscastle Conveyancing for Leasehold Flats - Examples of Questions you should ask Prior to buying
It would be wise to discover as much as possible about the company managing the building as they will impact your use and enjoyment of the property. Being a leasehold owner you are frequently at the mercy of the managing agents from a financial perspective and when it comes to daily matters like the tidiness of the common parts. Enquire of prospective neighbours what they think of their service. On a final note, investigate as to the dates that the maintenance fees are due to the managing agents and precisely what you get for your money.
You should be aware that where the lease has fewer than 80 years it will have adverse implications on the value of the property. Check with your mortgage company that they are willing to to proceed given the lease term. A short lease means that you will most likely require a lease extension sooner rather than later and it is worth discovering what this will be. Remember, in most cases you would need to own the property for two years in order to be legally able to extend the lease.
Best to be warned whether redecorating or some other significant cost is due in the near future to be shared by the leasehold owners and will materially impact the level of the maintenance charges or require a one time payment.