Examples of recent questions relating to leasehold conveyancing in Bridport
I am in need of some leasehold conveyancing in Bridport. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.
If the lease is registered - and almost all are in Bridport - 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.
I am hoping to exchange soon on a leasehold property in Bridport. Conveyancing solicitors assured me that they are sending me a report next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Bridport should include some of the following:
- Are pets allowed in the flat?
My wife and I purchased a leasehold flat in Bridport. Conveyancing and Alliance & Leicester mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Bridport who acted for me is not around.What should I do?
The first thing you should do is contact the Land Registry to make sure that this person is in fact the new freeholder. There is no need to instruct a Bridport conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am tempted by the attractive purchase price for a couple of flats in Bridport both have about fifty years left on the leases. should I be concerned?
There are no two ways about it. A leasehold apartment in Bridport is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the property. For most buyers and mortgage companies, leases with under 75 years become less and less marketable. On a more upbeat 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 property 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 Bridport conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 the agreed 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.
Can you provide any top tips for leasehold conveyancing in Bridport with the purpose of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Bridport can be avoided if you instruct lawyers the minute your agents start marketing the property and ask them to collate the leasehold documentation which will be required by the purchasers’ representatives.
- The majority landlords or managing agents in Bridport levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Bridport.
I am the registered owner of a garden flat in Bridport, conveyancing formalities finalised 9 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Bridport with an extended lease are worth £218,000. The average or mid-range amount of ground rent is £50 per annum. The lease comes to an end on 21st October 2083
You have 60 years unexpired we estimate the premium for your lease extension to be 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 extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.