Common questions relating to Ferryhill leasehold conveyancing
I am on look out for some leasehold conveyancing in Ferryhill. Before diving in I require certainty as to the remaining lease term.
Assuming the lease is recorded at the land registry - and 99.9% are in Ferryhill - 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.
Planning to complete next month on a leasehold property in Ferryhill. Conveyancing lawyers inform me that they will have a report out to me on Monday. 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 length of the lease term You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
My wife and I purchased a leasehold house in Ferryhill. Conveyancing and National Westminster Bank mortgage are in place. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1996. The conveyancing solicitor in Ferryhill who previously acted has long since retired.What should I do?
First contact the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Ferryhill conveyancing solicitor 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 landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Do you have any top tips for leasehold conveyancing in Ferryhill from the perspective of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Ferryhill can be reduced where you appoint lawyers as soon as your agents start marketing the property and ask them to put together the leasehold information needed by the buyers lawyers.
- The majority landlords or managing agents in Ferryhill levy fees for supplying management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Ferryhill.
When it comes to leasehold conveyancing in Ferryhill what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in Ferryhill. All leases is drafted differently and drafting errors can sometimes mean that certain clauses 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 property
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Coventry Building Society, and Platform Home Loans Ltd 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 does not cover certain provisions they may refuse to provide security, obliging the buyer to pull out.
I purchased a 1 bedroom flat in Ferryhill, conveyancing was carried out 8 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Ferryhill with an extended lease are worth £212,000. The ground rent is £60 yearly. The lease ceases on 21st October 2083
You have 62 years left to run we estimate the price of your lease extension to span between £20,000 and £23,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.