Recently asked questions relating to Bovey Tracey leasehold conveyancing
Having checked my lease I have discovered that there are only Fifty years remaining on my flat in Bovey Tracey. I need to get lease extension but my freeholder is absent. What options are available to me?
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 mean that your lease can be lengthened by the Court. However, you will be required to demonstrate that you have made all reasonable attempts to find the landlord. On the whole a specialist may be helpful to carry out a search and to produce a report which can be used as proof that the landlord can not be located. It is advisable to get professional help from a solicitor both on investigating the landlord’s absence and the vesting order request to the County Court overseeing Bovey Tracey.
I have just appointed agents to market my 2 bed apartment in Bovey Tracey.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly service charge invoice – Do I pay up?
The sensible thing to do is 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 management companies 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 today plan to offer on a house that appears to tick a lot of boxes, at a great price which is making it more attractive. I have subsequently been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Bovey Tracey. Conveyancing lawyers have are about 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 used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Bovey Tracey so you should seriously consider shopping around for a Bovey Tracey conveyancing solicitor and check 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 lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’spermission to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your conveyancer should advise you fully on all the issues.
I am a negotiator for a long established estate agency in Bovey Tracey where we have witnessed a number of flat sales put at risk as a result of short leases. I have been given contradictory information from local Bovey Tracey conveyancing solicitors. Could you clarify whether the vendor of a flat can commence the lease extension formalities for the buyer?
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 buyer can avoid having to wait 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.
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 are your top tips when it comes to appointing a Bovey Tracey conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a Bovey Tracey conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Bovey Tracey conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:
- How familiar is the firm with lease extension legislation?
I invested in buying a split level flat in Bovey Tracey, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Bovey Tracey with an extended lease are worth £191,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease ceases on 21st October 2082
With only 57 years remaining on your lease we estimate the premium for your lease extension to range between £22,800 and £26,400 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.
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