Dalton in Furness leasehold conveyancing: Q and A’s
Planning to sign contracts shortly on a basement flat in Dalton in Furness. Conveyancing lawyers inform me that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Dalton in Furness should include some of the following:
- You should receive a copy of the lease
Back In 2004, I bought a leasehold house in Dalton in Furness. Conveyancing and Yorkshire Building Society mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1992. The conveyancing solicitor in Dalton in Furness who acted for me is not around.Any advice?
The first thing you should do is make enquiries of the Land Registry to be sure that the individual claiming to own the freehold is indeed the new freeholder. There is no need to incur the fees of a Dalton in Furness 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 legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a two maisonettes in Dalton in Furness both have approximately 50 years left on the lease term. Will this present a problem?
There are plenty of short leases in Dalton in Furness. The lease is a right to use the premises for a period of time. As a lease gets shorter the value of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this arena
I've recently bought a leasehold house in Dalton in Furness. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee 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. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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).
I am a negotiator for a long established estate agency in Dalton in Furness where we see a number of flat sales jeopardised due to short leases. I have been given inconsistent advice from local Dalton in Furness conveyancing solicitors. Could you shed some light as to whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?
As long as 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. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
An alternative approach is 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.
I own a ground floor flat in Dalton in Furness, conveyancing formalities finalised 2006. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Dalton in Furness with a long lease are worth £208,000. The ground rent is £55 yearly. The lease expires on 21st October 2078
You have 55 years left to run we estimate the price of your lease extension to be between £27,600 and £31,800 plus professional fees.
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 without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional 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 placing reliance on this information before seeking the advice of a professional.
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