Fixed-fee leasehold conveyancing in Camelford:

While any conveyancing solicitor can theoretically handle your leasehold conveyancing in Camelford, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Sample questions relating to Camelford leasehold conveyancing

Having checked my lease I have discovered that there are only 62 years remaining on my lease in Camelford. I now wish to extend my lease but my freeholder 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 granted an extra 90 years by the Court. You will be obliged to prove that you or your lawyers have used your best endeavours to track down the freeholder. For most situations an enquiry agent may be useful to carry out a search and to produce a report to be accepted by the court as proof 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 Camelford.

Back In 2007, I bought a leasehold flat in Camelford. Conveyancing and Chelsea Building Society mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Camelford who previously acted has long since retired.Any advice?

First contact the Land Registry to make sure that the individual claiming to own the freehold is indeed the new freeholder. You do not need to instruct a Camelford conveyancing firm to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the legitimate 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 maisonettes in Camelford which have approximately forty five years remaining on the leases. should I be concerned?

There are plenty of short leases in Camelford. The lease is a right to use the premises for a prescribed time frame. As a lease shortens the value of the lease decreases and it becomes more expensive to extend the lease. This is why it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan 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

Do you have any advice for leasehold conveyancing in Camelford from the point of view of saving time on the sale process?

  • Much of the frustration in leasehold conveyancing in Camelford can be avoided if you get in touch lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation needed by the buyers conveyancers.
  • Some Camelford leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers.
  • If you have had conflict with your freeholder or managing agents it is essential that these are resolved prior to the flat being marketed. The buyers and their solicitors will be warry about purchasing a property where there is a current dispute. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over rather than unresolved.
  • If you hold a share in a the Management Company, you should ensure that you are holding the original share document. Obtaining a re-issued share certificate is often a time consuming process and slows down many a Camelford conveyancing transaction. If a reissued share is necessary, you should approach the company officers or managing agents (where applicable) for this as soon as possible.
  • You believe that you know the number of years remaining on your lease but you should verify this by asking your lawyers. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. It is therefore essential at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

  • What makes a Camelford lease unacceptable for security purposes?

    There is nothing unique about leasehold conveyancing in Camelford. Most leases are individual and drafting errors can result in certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the premises
    • A duty to insure the building
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You could encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Leeds Building Society, and Britannia all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the buyer to pull out.

    I purchased a leasehold flat in Camelford, conveyancing formalities finalised in 2005. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Camelford with over 90 years remaining are worth £250,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease finishes on 21st October 2085

    With just 61 years unexpired we estimate the price of your lease extension to range between £23,800 and £27,400 plus professional fees.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Camelford