Ferring and Goring leasehold conveyancing Example Support Desk Enquiries
I am in need of some leasehold conveyancing in Ferring and Goring. Before I get started I require certainty as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Ferring and Goring - 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.
I have just appointed agents to market my ground floor apartment in Ferring and Goring.Conveyancing has not commenced but I have just had a yearly service charge demand – Do I pay up?
It best that you clear 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 managing agents 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. Having a clear account will assist your cause and will leave you no worse off financially.
My wife and I purchased a leasehold house in Ferring and Goring. Conveyancing and Norwich and Peterborough Building Society mortgage are in place. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing practitioner in Ferring and Goring who previously acted has now retired.Do I pay?
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 in fact the new freeholder. There is no need to incur the fees of a Ferring and Goring conveyancing practitioner to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am a negotiator for a long established estate agency in Ferring and Goring where we have witnessed a number of flat sales derailed due to short leases. I have been given conflicting advice from local Ferring and Goring conveyancing firms. Can you shed some light as to whether the seller of a flat can commence the lease extension formalities for the buyer?
As long as the seller has been the owner 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 proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
Alternatively, it may be possible 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 purchaser.
Are there common deficiencies that you come across in leases for Ferring and Goring properties?
There is nothing unique about leasehold conveyancing in Ferring and Goring. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the building
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Coventry Building Society, and TSB all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to pull out.
I purchased a leasehold flat in Ferring and Goring, conveyancing was carried out 3 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Ferring and Goring with over 90 years remaining are worth £247,000. The ground rent is £60 per annum. The lease ceases on 21st October 2077
With just 52 years left to run we estimate the price of your lease extension to span between £32,300 and £37,400 as well as legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.
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