Consett leasehold conveyancing Example Support Desk Enquiries
I am in need of some leasehold conveyancing in Consett. Before diving in I would like to find out the remaining lease term.
If the lease is registered - and most are in Consett - 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 own a leasehold house in Consett. Conveyancing and Coventry Building Society mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1997. The conveyancing solicitor in Consett who previously acted has long since retired.Any advice?
The first thing you should do is contact HMLR to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Consett conveyancing lawyer to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am tempted by the attractive purchase price for a two flats in Consett both have in the region of 50 years left on the lease term. should I be concerned?
A lease is a right to use the premises for a period of time. As a lease gets shorter the saleability of the lease reduces and it becomes more costly to extend the lease. For this reason it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field
Last month I purchased a leasehold flat in Consett. 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 owner 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).
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £200000 flat in Consett next week. The managing agents has quoted £300 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Consett?
Consett conveyancing on leasehold flats normally involves the purchaser’s lawyer submitting questions for the landlord to answer. Although the landlord is under no legal obligation to address these enquiries the majority will be content to do so. They are entitled charge a reasonable administration fee for answering 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 situations it is above £800. The management information fee demanded by the landlord must be accompanied by a summary of rights and obligations in relation to administration charges, otherwise the invoice is not strictly payable. Reality however dictates that you have little option but to pay whatever is demanded should you wish to complete the sale of your home.
I inherited a garden flat in Consett, conveyancing formalities finalised in 1996. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Consett with a long lease are worth £249,000. The ground rent is £45 invoiced annually. The lease finishes on 21st October 2095
You have 75 years left to run the likely cost is going to range between £13,300 and £15,400 as well as costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.
Other Topics