Sample questions relating to Caversham leasehold conveyancing
I am in need of some leasehold conveyancing in Caversham. Before I set the wheels in motion I require certainty as to the remaining lease term.
If the lease is registered - and almost all are in Caversham - 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.
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have since been informed that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Caversham. Conveyancing lawyers have are about to be instructed. Will they explain the issues?
The majority of houses in Caversham are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Caversham in which case you should be looking for a Caversham conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’sconsent to conduct changes to the property. You may also be required to pay a contribution towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer should report to you on the legal implications.
My wife and I purchased a leasehold house in Caversham. Conveyancing and Halifax mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in Caversham who previously acted has long since retired.Do I pay?
First make enquiries of the Land Registry to be sure that this person is indeed the new freeholder. There is no need to instruct a Caversham conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, 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 employed by a reputable estate agent office in Caversham where we have experienced a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received contradictory information from local Caversham conveyancing solicitors. Could you confirm whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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.
In relation to leasehold conveyancing in Caversham what are the most common lease problems?
There is nothing unique about leasehold conveyancing in Caversham. All leases are individual and drafting errors can result in certain sections are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the building
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Bank of Scotland, and TSB all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to pull out.
I inherited a leasehold flat in Caversham, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Caversham with an extended lease are worth £213,000. The ground rent is £50 invoiced every year. The lease runs out on 21st October 2100
With only 77 years left to run the likely cost is going to span between £9,500 and £11,000 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you want to 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.