Examples of recent questions relating to leasehold conveyancing in Cinderford
I today plan to offer on a house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have since been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Cinderford. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Cinderford ?
The majority of houses in Cinderford are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Cinderford in which case you should be shopping around for a Cinderford 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. Being a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is located on an estate. Your lawyer should report to you on the legal implications.
Back In 2008, I bought a leasehold flat in Cinderford. Conveyancing and TSB mortgage organised. A letter has just been received from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Cinderford who acted for me is not around.Do I pay?
First contact HMLR to be sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. It is not necessary to instruct a Cinderford 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.
Last month I purchased a leasehold flat in Cinderford. Do I have any liability for service charges for periods before 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. Strange as it may seem, 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).
I am a negotiator for a reputable estate agency in Cinderford where we see a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Cinderford conveyancing solicitors. Could you confirm whether the owner of a flat can commence the lease extension process for the buyer?
As long as the seller has owned the lease 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. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, 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 purchaser.
What are the common problems that you encounter in leases for Cinderford properties?
Leasehold conveyancing in Cinderford is not unique. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are wrong. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the property
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
You could encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, The Mortgage Works, and Godiva Mortgages Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to withdraw.
I bought a leasehold flat in Cinderford, conveyancing was carried out 1999. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Cinderford with over 90 years remaining are worth £187,000. The average or mid-range amount of ground rent is £50 levied per year. The lease runs out on 21st October 2086
You have 62 years unexpired the likely cost is going to range between £18,100 and £20,800 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.