Common questions relating to Bourton on the Water leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Bourton on the Water. Before I set the wheels in motion I want to be sure as to the remaining lease term.
If the lease is recorded at the land registry - and almost all are in Bourton on the Water - 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.
My wife and I purchased a leasehold house in Bourton on the Water. Conveyancing and Leeds Building Society mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Bourton on the Water who previously acted has long since retired.Do I pay?
First contact HMLR to make sure that this person is indeed the registered owner of the freehold reversion. There is no need to instruct a Bourton on the Water conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
What are your top tips when it comes to finding a Bourton on the Water conveyancing practice to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a Bourton on the Water conveyancing practice) it is essential 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 Bourton on the Water 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 useful:
- How many lease extensions have they completed in Bourton on the Water in the last 12 months?
Can you provide any top tips for leasehold conveyancing in Bourton on the Water with the aim of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Bourton on the Water can be reduced where you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ representatives.
- The majority freeholders or managing agents in Bourton on the Water charge for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Bourton on the Water.
What makes a Bourton on the Water lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Bourton on the Water. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the premises
- Insurance obligations
- 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
You could encounter 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. Barclays , Norwich and Peterborough Building Society, and Barclays Direct all have express 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 provide security, forcing the purchaser to withdraw.
I own a basement flat in Bourton on the Water, conveyancing having been completed 10 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Bourton on the Water with an extended lease are worth £263,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease runs out on 21st October 2098
With just 77 years remaining on your lease the likely cost is going to span between £12,400 and £14,200 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.