Questions and Answers: Colyton leasehold conveyancing
I am on look out for some leasehold conveyancing in Colyton. Before I get started I require certainty as to the remaining lease term.
Assuming the lease is registered - and almost all are in Colyton - 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.
Expecting to complete next month on a basement flat in Colyton. Conveyancing solicitors inform me that they are sending me a report next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Colyton should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
Estate agents have just been given the go-ahead to market my basement apartment in Colyton.Conveyancing has not commenced but I have just had a quarterly service charge invoice – Do I pay up?
It best that you pay the service charge 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.
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a great price which is making it all the more appealing. I have subsequently discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Colyton. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Colyton ?
Most houses in Colyton are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Colyton so you should seriously consider shopping around for a Colyton conveyancing solicitor and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’spermission to carry out changes to the property. You may also be required to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your lawyer should report to you on the legal implications.
Back In 2007, I bought a leasehold house in Colyton. Conveyancing and Godiva Mortgages Ltd mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing practitioner in Colyton who acted for me is not around.Any advice?
The first thing you should do is contact the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Colyton conveyancing solicitor 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 freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I own a ground floor flat in Colyton, conveyancing was carried out 2005. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Colyton with a long lease are worth £228,000. The ground rent is £60 invoiced every year. The lease terminates on 21st October 2096
You have 71 years left to run the likely cost is going to be between £11,400 and £13,200 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.
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