Recently asked questions relating to Caistor leasehold conveyancing
I only have 68 years left on my lease in Caistor. I now want to extend my lease but my freeholder is missing. 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 an order to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. However, you will be required to demonstrate that you or your lawyers have made all reasonable attempts to find the lessor. For most situations a specialist should be useful to try and locate and prepare a report which can be used as evidence that the landlord can not be located. It is advisable to get professional help from a conveyancer in relation to investigating the landlord’s absence and the vesting order request to the County Court overseeing Caistor.
I own a leasehold flat in Caistor. Conveyancing and Yorkshire Building Society mortgage organised. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Caistor who previously acted has now retired.Do I pay?
First contact HMLR to be sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to instruct a Caistor conveyancing firm to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am looking at a two flats in Caistor both have about fifty years left on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Caistor. The lease is a right to use the property for a prescribed time frame. As a lease shortens the saleability of the lease reduces and it becomes more costly to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this field
I've recently bought a leasehold property in Caistor. Do I have any liability for service charges relating to a period prior to 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. A critical element of leasehold conveyancing for your conveyancer to ensure 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).
Can you offer any advice when it comes to appointing a Caistor conveyancing firm to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Caistor conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Caistor conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:
- If they are not ALEP accredited then why not?
I acquired a split level flat in Caistor, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Similar properties in Caistor with a long lease are worth £254,000. The ground rent is £55 invoiced annually. The lease runs out on 21st October 2104
You have 79 years remaining on your lease the likely cost is going to be between £12,400 and £14,200 plus costs.
The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.
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