Camelford leasehold conveyancing: Q and A’s
I am on look out for some leasehold conveyancing in Camelford. 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 99.9% are in Camelford - 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 own a leasehold house in Camelford. Conveyancing and Accord Mortgages Ltd mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Camelford who previously acted has long since retired.What should I do?
First make enquiries of HMLR to make sure that this person is indeed the new freeholder. There is no need to instruct a Camelford conveyancing solicitor to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am attracted to a two maisonettes in Camelford which have in the region of forty five years left on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Camelford. The lease is a right to use the premises for a prescribed time frame. As the lease shortens the marketability of the lease reduces and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this area
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £325000 maisonette in Camelford in just under a week. The management company has quoted £384 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Camelford?
Camelford conveyancing on leasehold apartments normally involves fees being invoiced by landlords agents :
- Answering pre-contract questions
- Where consent is required before sale in Camelford
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What makes a Camelford lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Camelford. All leases are unique and drafting errors can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the property
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You could have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Coventry Building Society, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to pull out.
I inherited a 1 bedroom flat in Camelford, conveyancing was carried out 1996. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Camelford with an extended lease are worth £210,000. The ground rent is £55 per annum. The lease expires on 21st October 2081
With just 61 years left to run we estimate the price of your lease extension to be between £17,100 and £19,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously 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.