Top Five Questions relating to Exminster leasehold conveyancing
I am on look out for some leasehold conveyancing in Exminster. Before diving in I require certainty as to the remaining lease term.
If the lease is registered - and almost all are in Exminster - 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.
Having checked my lease I have discovered that there are only 72 years remaining on my lease in Exminster. I now want to extend my lease but my landlord is absent. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. However, you will be required to demonstrate that you or your lawyers have made all reasonable attempts to locate the landlord. For most situations a specialist would be helpful to try and locate and to produce an expert document to be accepted by the court as evidence that the landlord can not be located. It is advisable to get professional help from a property lawyer in relation to devolving into the landlord’s absence and the application to the County Court covering Exminster.
I’m about to sell my 2 bed flat in Exminster.Conveyancing is yet to be initiated but I have just received a yearly service charge invoice – should I leave it to the buyer to sort out?
It best that you discharge 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 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. Having a clear account will assist your cause and will leave you no worse off financially.
I've recently bought a leasehold property in Exminster. 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 owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, 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 be sure 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).
We expect to complete the sale of our £325000 garden flat in Exminster next week. The managing agents has quoted £372 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Exminster?
Exminster conveyancing on leasehold apartments typically necessitates fees being raised by managing agents :
- Answering pre-contract enquiries
- Where consent is required before sale in Exminster
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I inherited a 1 bedroom flat in Exminster, conveyancing formalities finalised 9 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Exminster with over 90 years remaining are worth £226,000. The average or mid-range amount of ground rent is £60 per annum. The lease comes to an end on 21st October 2099
With 79 years left to run we estimate the premium for your lease extension to span between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you 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.