Examples of recent questions relating to leasehold conveyancing in Castle Bromwich
Having had my offer accepted I require leasehold conveyancing in Castle Bromwich. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
If the lease is registered - and 99.9% are in Castle Bromwich - then the leasehold title will always include the short particulars 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.
There are only Seventy years remaining on my lease in Castle Bromwich. I now want to get lease extension 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 apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. You will be obliged to demonstrate that you have made all reasonable attempts to find the landlord. In some cases an enquiry agent would be helpful to conduct investigations and prepare an expert document to be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a conveyancer both on investigating the landlord’s disappearance and the application to the County Court covering Castle Bromwich.
I am looking at a two maisonettes in Castle Bromwich which have approximately fifty years left on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Castle Bromwich. The lease is a right to use the property for a prescribed time frame. As a lease gets shorter the saleability of the lease reduces and it becomes more expensive to extend the lease. This is why it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease extension can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this area
Last month I purchased a leasehold property in Castle Bromwich. Do I have any liability for service charges relating to a period prior to completion of my purchase?
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 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).
Can you provide any top tips for leasehold conveyancing in Castle Bromwich from the point of view of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Castle Bromwich can be reduced if you instruct lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the buyers representatives.
- Many freeholders or managing agents in Castle Bromwich charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Castle Bromwich.
I own a garden flat in Castle Bromwich, conveyancing having been completed in 2008. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Castle Bromwich with over 90 years remaining are worth £240,000. The ground rent is £65 per annum. The lease runs out on 21st October 2077
With only 56 years remaining on your lease we estimate the price of your lease extension to span between £28,500 and £33,000 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously want to 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.