Common questions relating to Bovey Tracey leasehold conveyancing
I am hoping to put an offer on a small detached house that seems to be perfect, at a great figure which is making it all the more appealing. I have just discovered that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Bovey Tracey. Conveyancing advisers have are soon to be appointed. Will they explain the issues?
Most houses in Bovey Tracey are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Bovey Tracey in which case you should be looking for a Bovey Tracey conveyancing practitioner and check that they are used to transacting 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 to the property. The lease will likely included provisions for example obtaining the freeholder’spermission to conduct changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the property is part of an estate. Your solicitor should appraise you on the various issues.
Back In 2006, I bought a leasehold house in Bovey Tracey. Conveyancing and Nationwide Building Society mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1991. The conveyancing practitioner in Bovey Tracey who acted for me is not around.Any advice?
First contact the Land Registry to make sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Bovey Tracey conveyancing practitioner 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 no more than 6 years of rent can be collected.
I've recently bought a leasehold property in Bovey Tracey. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am employed by a long established estate agency in Bovey Tracey where we see a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have been given inconsistent advice from local Bovey Tracey conveyancing solicitors. Can you shed some light as to whether the vendor of a flat can commence the lease extension process for the buyer?
As long as the seller has owned the lease 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. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord 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.
All being well we will complete our sale of a £300000 flat in Bovey Tracey on Monday in a week. The freeholder has quoted £312 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Bovey Tracey?
Bovey Tracey conveyancing on leasehold apartments usually requires the buyer’s solicitor sending questions for the landlord to address. Although the landlord is under no legal obligation to address such questions most will be willing to do so. They are at liberty invoice a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some situations it exceeds £800. The management information fee invoiced by the landlord must be sent together with a summary of rights and obligations in respect of administration charges, otherwise the charge is technically not due. In reality you have little option but to pay whatever is demanded if you want to sell the property.
I inherited a garden flat in Bovey Tracey, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar properties in Bovey Tracey with over 90 years remaining are worth £231,000. The ground rent is £45 yearly. The lease terminates on 21st October 2085
You have 61 years left to run the likely cost is going to span between £18,100 and £20,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.
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