Recently asked questions relating to East Coker leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in East Coker. Before diving in I would like to find out the remaining lease term.
Assuming the lease is registered - and 99.9% are in East Coker - 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’m about to sell my 2 bed flat in East Coker.Conveyancing is yet to be initiated but I have just had a yearly service charge invoice – what should I do?
It best that you discharge the invoice 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 until 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 own a leasehold flat in East Coker. Conveyancing and Chelsea Building Society mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in East Coker who acted for me is not around.What should I do?
The first thing you should do is contact the Land Registry to make sure that the individual claiming to own the freehold is indeed the new freeholder. It is not necessary to incur the fees of a East Coker conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. 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 looking at a couple of apartments in East Coker which have in the region of 50 years unexpired on the leases. Will this present a problem?
A lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the marketability of the lease deteriorate and it becomes more expensive to extend the lease. For this reason it is advisable to extend the lease term. It is often difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this field
What are your top tips when it comes to appointing a East Coker conveyancing practice to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a East Coker conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non East Coker conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:
- If they are not ALEP accredited then what is the reason?
I purchased a 1 bedroom flat in East Coker, conveyancing was carried out in 1995. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in East Coker with over 90 years remaining are worth £166,000. The ground rent is £60 yearly. The lease ceases on 21st October 2096
With only 71 years remaining on your lease the likely cost is going to range between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.
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