Sample questions relating to Boscombe leasehold conveyancing
I am on look out for some leasehold conveyancing in Boscombe. Before diving in I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and almost all are in Boscombe - 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 62 years unexpired on my lease in Boscombe. I now wish to get lease extension but my landlord is can not be found. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. However, you will be required to prove that you have used your best endeavours to find the landlord. On the whole a specialist may be helpful to conduct investigations and prepare an expert document to be used as proof that the freeholder is indeed missing. It is wise to seek advice from a solicitor in relation to proving the landlord’s absence and the vesting order request to the County Court covering Boscombe.
Estate agents have just been given the go-ahead to market my basement apartment in Boscombe.Conveyancing has not commenced but I have just received a half-yearly maintenance charge invoice – Do I pay up?
The sensible thing to do is discharge 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 management companies will not acknowledge the buyer unless 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. Having a clear account will assist your cause and will leave you no worse off financially.
I've found a house that seems to be perfect, at a reasonable price which is making it all the more appealing. I have subsequently found out that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Boscombe. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Boscombe ?
Most houses in Boscombe are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Boscombe in which case you should be looking for a Boscombe conveyancing solicitor and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’spermission to conduct changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your solicitor will report to you on the legal implications.
I work for a busy estate agent office in Boscombe where we have experienced a few flat sales put at risk as a result of short leases. I have received inconsistent advice from local Boscombe conveyancing solicitors. Please can you confirm 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible 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.
I inherited a 1st floor flat in Boscombe, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Boscombe with an extended lease are worth £233,000. The average or mid-range amount of ground rent is £50 per annum. The lease ceases on 21st October 2082
With just 62 years remaining on your lease the likely cost is going to be between £20,900 and £24,200 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.