Ferryhill leasehold conveyancing Example Support Desk Enquiries
Due to exchange soon on a ground floor flat in Ferryhill. Conveyancing lawyers have said that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Ferryhill should include some of the following:
- The physical extent of the demise. This will be the apartment itself but may incorporate a loft or cellar if appropriate.
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have since discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Ferryhill. Conveyancing lawyers have are about to be appointed. Will they explain the issues?
The majority of houses in Ferryhill are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Ferryhill so you should seriously consider looking for a Ferryhill conveyancing solicitor and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’spermission to carry out alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your conveyancer will report to you on the legal implications.
Back In 2005, I bought a leasehold flat in Ferryhill. Conveyancing and Bank of Ireland mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Ferryhill who previously acted has now retired.Do I pay?
First contact HMLR to make sure that this person is indeed the registered owner of the freehold reversion. You do not need to instruct a Ferryhill conveyancing firm to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a two flats in Ferryhill which have about forty five years unexpired on the leases. Will this present a problem?
There are plenty of short leases in Ferryhill. The lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the saleability of the lease decreases and it becomes more expensive to extend the lease. For this reason it is generally wise to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this arena
All being well we will complete our sale of a £350000 apartment in Ferryhill next Thursday . The managing agents has quoted £384 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Ferryhill?
Ferryhill conveyancing on leasehold flats nine out of ten times involves fees being levied by landlords agents :
- Completing pre-exchange questions
- Where consent is required before sale in Ferryhill
- 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 invested in buying a 1st floor flat in Ferryhill, conveyancing formalities finalised in 1999. Can you work out an approximate cost of a lease extension? Similar properties in Ferryhill with a long lease are worth £204,000. The average or mid-range amount of ground rent is £55 yearly. The lease comes to an end on 21st October 2074
With only 53 years left to run we estimate the premium for your lease extension to be between £35,200 and £40,600 plus legals.
The suggested premium range above 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 this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.