Examples of recent questions relating to leasehold conveyancing in Bovey Tracey
Looking forward to sign contracts shortly on a ground floor flat in Bovey Tracey. Conveyancing solicitors assured me that they are sending me a report on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Bovey Tracey should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
Back In 2000, I bought a leasehold flat in Bovey Tracey. Conveyancing and Britannia mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1997. The conveyancing practitioner in Bovey Tracey who previously acted has now retired.What should I do?
The first thing you should do is contact the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. You do not need to instruct a Bovey Tracey conveyancing lawyer to do this as it can be done on-line for £3. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am attracted to a couple of maisonettes in Bovey Tracey which have approximately forty five years left on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Bovey Tracey is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the marketability of the property. For most purchasers and lenders, leases with under 75 years become less and less marketable. 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 property 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 a residence 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 Bovey Tracey conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 any new 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.
What advice can you give us when it comes to choosing a Bovey Tracey conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Bovey Tracey conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Bovey Tracey conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- Can they put you in touch with client in Bovey Tracey who can give a testimonial?
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £350000 garden flat in Bovey Tracey in nine days. The managing agents has quoted £360 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Bovey Tracey?
Bovey Tracey conveyancing on leasehold apartments usually results in fees being levied by landlords agents :
- Completing pre-contract enquiries
- Where consent is required before sale in Bovey Tracey
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I inherited a basement flat in Bovey Tracey, conveyancing having been completed 3 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Bovey Tracey with over 90 years remaining are worth £251,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease ends on 21st October 2083
With 62 years remaining on your lease the likely cost is going to be between £19,000 and £22,000 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.