Cotswolds leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Cotswolds. Before I get started I want to be sure as to the remaining lease term.
Assuming the lease is registered - and almost all are in Cotswolds - 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 only have 68 years unexpired on my flat in Cotswolds. I am keen to get lease extension but my landlord is missing. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. However, you will be required to demonstrate that you or your lawyers have made all reasonable attempts to locate the landlord. In some cases a specialist would be useful to conduct investigations and prepare a report to be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a conveyancer both on investigating the landlord’s disappearance and the application to the County Court overseeing Cotswolds.
I've found a 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 particular concerns buying a house with a leasehold title in Cotswolds. Conveyancing advisers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Cotswolds ?
Most houses in Cotswolds are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Cotswolds so you should seriously consider looking for a Cotswolds conveyancing practitioner and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’spermission to carry out alterations. It may be necessary to pay a service charge towards the upkeep of the communal areas where the property is located on an estate. Your conveyancer should advise you fully on all the issues.
I own a leasehold flat in Cotswolds. Conveyancing and Godiva Mortgages Ltd mortgage organised. A letter has just been received from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1995. The conveyancing practitioner in Cotswolds who previously acted has now retired.Do I pay?
The first thing you should do is contact HMLR to make sure that the individual claiming to own the freehold is indeed the new freeholder. There is no need to instruct a Cotswolds conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
We expect to complete our sale of a £500000 maisonette in Cotswolds on Monday in a week. The freeholder has quoted £348 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Cotswolds?
Cotswolds conveyancing on leasehold apartments often necessitates the purchaser’s solicitor sending questions for the landlord to address. Although the landlord is under no legal obligation to respond to such questions the majority will be willing to do so. They may levy a reasonable administration fee for responding to enquiries 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 transactions it is above £800. The management information fee required by the landlord must be sent together with a synopsis of rights and obligations in relation to administration fees, without which the charge is not strictly payable. Reality however dictates that one has little option but to pay whatever is requested of you if you want to exchange contracts with the buyer.
I own a leasehold flat in Cotswolds, conveyancing having been completed 8 years ago. 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? Similar properties in Cotswolds with over 90 years remaining are worth £203,000. The ground rent is £60 invoiced every year. The lease finishes on 21st October 2078
You have 54 years left to run the likely cost is going to span between £29,500 and £34,000 as well as 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 due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.
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