Questions and Answers: Ferryside leasehold conveyancing
I am on look out for some leasehold conveyancing in Ferryside. Before I get started I would like to find out the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Ferryside - 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.
Helen (my wife) and I may need to rent out our Ferryside garden flat temporarily due to taking a sabbatical. We instructed a Ferryside conveyancing firm in 2001 but they have since shut and we did not have the foresight to seek any guidance as to whether the lease permits subletting. How do we find out?
The lease dictates relations between the landlord and you the leaseholder; in particular, it will indicate if subletting is banned, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Ferryside do not contain an absolute prevention of subletting – such a clause would adversely affect the market value the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.
I only have Fifty years unexpired on my lease in Ferryside. I now want to get lease extension but my freeholder is can not be found. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. You will be obliged to demonstrate that you have used your best endeavours to track down the freeholder. On the whole a specialist should be helpful to carry out a search and prepare an expert document to be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a solicitor in relation to proving the landlord’s disappearance and the application to the County Court covering Ferryside.
My wife and I purchased a leasehold house in Ferryside. Conveyancing and Clydesdale mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1995. The conveyancing practitioner in Ferryside who acted for me is not around.Do I pay?
First contact HMLR to be sure that this person is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Ferryside conveyancing firm to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
What are the common problems that you come across in leases for Ferryside properties?
Leasehold conveyancing in Ferryside is not unique. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the property
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You may have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Virgin Money, and Platform Home Loans Ltd all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to pull out.
I acquired a basement flat in Ferryside, conveyancing formalities finalised 6 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Ferryside with an extended lease are worth £208,000. The ground rent is £55 levied per year. The lease ceases on 21st October 2092
You have 72 years unexpired we estimate the premium for your lease extension to span between £11,400 and £13,200 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.