Common questions relating to Cranfield leasehold conveyancing
I am on look out for some leasehold conveyancing in Cranfield. Before I get started I want to be sure as to the remaining lease term.
If the lease is recorded at the land registry - and most are in Cranfield - 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.
Back In 2001, I bought a leasehold house in Cranfield. Conveyancing and Yorkshire Building Society 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 1992. The conveyancing practitioner in Cranfield who acted for me is not around.Any advice?
First contact the Land Registry to make sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. It is not necessary to instruct a Cranfield conveyancing firm 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.
I am a negotiator for a busy estate agency in Cranfield where we have experienced a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local Cranfield conveyancing solicitors. Please can you confirm whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 your top tips when it comes to finding a Cranfield conveyancing firm to deal with our lease extension?
When appointing a property lawyer for your lease extension (regardless if they are a Cranfield conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Cranfield conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- How experienced is the practice with lease extension legislation?
Completion in due on the disposal of our £425000 flat in Cranfield next Monday . The landlords agents has quoted £384 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Cranfield?
Cranfield conveyancing on leasehold apartments more often than not involves the purchaser’s lawyer sending enquiries for the landlord to answer. Although the landlord is not legally bound to address such questions most will be willing to do so. They are entitled invoice a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some cases it is in excess of £800. The management information fee demanded by the landlord must be sent together with a synopsis of rights and obligations in relation to administration fees, otherwise the charge is technically not due. Reality however dictates that you have little option but to pay whatever is demanded should you wish to exchange contracts with the buyer.
I inherited a ground floor flat in Cranfield, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar flats in Cranfield with a long lease are worth £205,000. The ground rent is £50 yearly. The lease runs out on 21st October 2101
With only 76 years left to run we estimate the price of your lease extension to range between £12,400 and £14,200 as well as legals.
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 detailed due diligence. Do not use the figures in tribunal or court proceedings. 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 placing reliance on this information before getting professional advice.
Other Topics