Examples of recent questions relating to leasehold conveyancing in Capel St Mary
I am on look out for some leasehold conveyancing in Capel St Mary. Before I get started I would like to find out the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and almost all are in Capel St Mary - 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 only have 68 years remaining on my flat in Capel St Mary. I now want to extend my lease but my landlord is can not be found. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to find the lessor. On the whole an enquiry agent should be useful to carry out a search and to produce a report to be used as proof that the landlord is indeed missing. It is wise to seek advice from a conveyancer in relation to proving the landlord’s disappearance and the application to the County Court covering Capel St Mary.
I am tempted by the attractive purchase price for a two apartments in Capel St Mary both have approximately fifty years left on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Capel St Mary. The lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the marketability of the lease deteriorate and results in it becoming more costly to acquire a lease extension. This is why it is generally wise to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this field
Last month I purchased a leasehold house in Capel St Mary. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation 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. However, 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).
What are your top tips when it comes to finding a Capel St Mary conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for lease extension works (regardless if they are a Capel St Mary conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Capel St Mary conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:
- If they are not ALEP accredited then why not?
I bought a 1 bedroom flat in Capel St Mary, conveyancing formalities finalised 1997. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Capel St Mary with an extended lease are worth £207,000. The ground rent is £65 invoiced annually. The lease finishes on 21st October 2092
With only 67 years left to run the likely cost is going to range between £12,400 and £14,200 as well as costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.
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