Frequently asked questions relating to Dartmouth leasehold conveyancing
Planning to sign contracts shortly on a basement flat in Dartmouth. Conveyancing solicitors inform me that they will have a report out to me 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 Dartmouth should include some of the following:
- You must be told what counts as a Nuisance in the lease
Estate agents have just been given the go-ahead to market my basement apartment in Dartmouth.Conveyancing has not commenced but I have just had a quarterly service charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should clear 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 unless 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. This will smooth the conveyancing process.
I today plan to offer on a house that appears to meet my requirements, 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 purchasing a leasehold house in Dartmouth. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Dartmouth ?
The majority of houses in Dartmouth are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Dartmouth so you should seriously consider looking for a Dartmouth conveyancing practitioner and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’spermission to carry out alterations. You may also be required to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your lawyer will report to you on the legal implications.
I own a leasehold house in Dartmouth. Conveyancing and Britannia 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 ground rent demand for rent dating back to 1997. The conveyancing solicitor in Dartmouth who previously acted has now retired.Do I pay?
The first thing you should do is contact HMLR to be sure that this person is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Dartmouth conveyancing firm 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 legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am employed by a reputable estate agency in Dartmouth where we have witnessed a few leasehold sales derailed due to leases having less than 80 years remaining. I have been given conflicting advice from local Dartmouth conveyancing solicitors. Can you shed some light as to whether the vendor of a flat can initiate the lease extension formalities for the buyer?
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. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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 buyer.
I acquired a basement flat in Dartmouth, conveyancing formalities finalised in 1996. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Dartmouth with over 90 years remaining are worth £269,000. The ground rent is £45 charged once a year. The lease runs out on 21st October 2097
With 73 years remaining on your lease the likely cost is going to be between £12,400 and £14,200 plus costs.
The figure 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 detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.
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