Recently asked questions relating to Carbis Bay leasehold conveyancing
I only have Fifty years remaining on my lease in Carbis Bay. I am keen to get lease extension but my freeholder is missing. What options are available to me?
If you qualify, 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 Court. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to locate the lessor. In some cases an enquiry agent would be useful to conduct investigations and to produce an expert document which can be accepted by the court as evidence that the landlord can not be located. It is wise to seek advice from a property lawyer in relation to devolving into the landlord’s disappearance and the application to the County Court covering Carbis Bay.
I've found a house that seems to be perfect, at a reasonable price which is making it more attractive. I have since been informed that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Carbis Bay. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Carbis Bay ?
Most houses in Carbis Bay are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Carbis Bay so you should seriously consider shopping around for a Carbis Bay conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your lawyer will appraise you on the various issues.
I've recently bought a leasehold flat in Carbis Bay. Am I liable to pay service charges for periods before my ownership?
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. It is an essential part 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).
I am employed by a reputable estate agency in Carbis Bay where we have witnessed a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Carbis Bay conveyancing firms. Can you shed some light as to whether the owner of a flat can commence the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
What advice can you give us when it comes to finding a Carbis Bay conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a Carbis Bay conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non Carbis Bay conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- How many lease extensions has the firm completed in Carbis Bay in the last 12 months?
I own a 1 bedroom flat in Carbis Bay, conveyancing formalities finalised 8 years ago. How much will my lease extension cost? Equivalent flats in Carbis Bay with an extended lease are worth £174,000. The ground rent is £60 levied per year. The lease expires on 21st October 2084
With only 61 years remaining on your lease we estimate the premium for your lease extension to range between £19,000 and £22,000 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.