Sample questions relating to Buckfastleigh and Dean leasehold conveyancing
Having checked my lease I have discovered that there are only Seventy years remaining on my flat in Buckfastleigh and Dean. I am keen to extend my lease but my landlord is absent. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. You will be obliged to prove that you have done all that could be expected to locate the landlord. On the whole a specialist would be useful to try and locate and to produce a report which can be used as evidence that the landlord can not be located. It is advisable to get professional help from a solicitor both on devolving into the landlord’s disappearance and the application to the County Court overseeing Buckfastleigh and Dean.
Estate agents have just been given the go-ahead to market my 2 bed apartment in Buckfastleigh and Dean.Conveyancing solicitors are to be appointed soon but I have just had a yearly maintenance charge invoice – Do I pay up?
It best that you clear the service charge 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 managing agents will not acknowledge the buyer unless 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. Having a clear account will assist your cause and will leave you no worse off financially.
My wife and I purchased a leasehold flat in Buckfastleigh and Dean. Conveyancing and TSB mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1998. The conveyancing practitioner in Buckfastleigh and Dean who previously acted has now retired.Do I pay?
The first thing you should do is make enquiries of the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Buckfastleigh and Dean conveyancing lawyer to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am tempted by the attractive purchase price for a couple of maisonettes in Buckfastleigh and Dean which have in the region of forty five years left on the lease term. Should I regard a short lease as a deal breaker?
A lease is a right to use the premises for a period of time. As a lease gets shorter the value of the lease deteriorate and it becomes more expensive to extend the lease. For this reason it is generally wise to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field
Last month I purchased a leasehold property in Buckfastleigh and Dean. Am I liable to pay service charges for periods before my ownership?
Where the service charge has already been demanded from the previous lessee 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 invested in buying a 1 bedroom flat in Buckfastleigh and Dean, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Equivalent properties in Buckfastleigh and Dean with a long lease are worth £225,000. The ground rent is £65 invoiced every year. The lease ceases on 21st October 2098
With only 73 years unexpired the likely cost is going to range between £12,400 and £14,200 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be 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 move forward based on this information without first getting professional advice.
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