Frequently asked questions relating to Cockermouth leasehold conveyancing
I am in need of some leasehold conveyancing in Cockermouth. Before diving in I want to be sure as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and most are in Cockermouth - 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’m about to sell my ground floor flat in Cockermouth.Conveyancing is yet to be initiated but I have just had a half-yearly service charge demand – Do I pay up?
It best that you pay the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
My wife and I purchased a leasehold flat in Cockermouth. Conveyancing and Barclays Direct mortgage organised. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Cockermouth who acted for me is not around.What should I do?
The first thing you should do is make enquiries of the Land Registry to be sure that this person is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Cockermouth conveyancing lawyer to do this as you can do this on the Land Registry website for £3. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I work for a busy estate agent office in Cockermouth where we have experienced a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given contradictory information from local Cockermouth conveyancing firms. Please can you shed some light as to whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?
As long as 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 buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
An alternative approach is 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.
All being well we will complete the sale of our £450000 garden flat in Cockermouth on Wednesday in a week. The freeholder has quoted £360 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Cockermouth?
Cockermouth conveyancing on leasehold flats more often than not necessitates the buyer’s lawyer sending questions for the landlord to answer. Although the landlord is under no legal obligation to answer these enquiries most will be willing to do so. They may invoice a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some cases it is above £800. The administration charge required by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration fees, otherwise the charge is technically not due. Reality however dictates that you have little choice but to pay whatever is requested of you if you want to exchange contracts with the buyer.
I am the registered owner of a 1 bedroom flat in Cockermouth, conveyancing having been completed 2005. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Cockermouth with a long lease are worth £255,000. The ground rent is £45 per annum. The lease runs out on 21st October 2076
You have 51 years unexpired we estimate the price of your lease extension to be between £33,300 and £38,400 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.
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