Examples of recent questions relating to leasehold conveyancing in Buckden
I am in need of some leasehold conveyancing in Buckden. Before diving in I would like to find out the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and most are in Buckden - then the leasehold title will always include the short particulars 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 would like to sublet my leasehold flat in Buckden. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
The lease governs the relationship between the freeholder and you the flat owner; in particular, it will indicate if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Buckden do not contain an absolute prevention of subletting – such a clause would adversely affect the market value the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.
I am tempted by the attractive purchase price for a couple of flats in Buckden which have approximately forty five years left on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Buckden. The lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the saleability of the lease reduces and results in it becoming more costly to extend the lease. This is why it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this area
Last month I purchased a leasehold flat in Buckden. Do I have any liability for service charges for periods before my ownership?
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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element 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).
When it comes to leasehold conveyancing in Buckden what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in Buckden. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are wrong. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the premises
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
You may have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, The Royal Bank of Scotland, and Britannia all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to pull out.
I purchased a 2 bed flat in Buckden, conveyancing was carried out 1999. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Buckden with over 90 years remaining are worth £207,000. The ground rent is £55 invoiced every year. The lease ends on 21st October 2085
With only 64 years left to run we estimate the price of your lease extension to be between £18,100 and £20,800 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.