Sample questions relating to Fordingbridge leasehold conveyancing
I own a leasehold house in Fordingbridge. Conveyancing and National Westminster Bank mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1996. The conveyancing solicitor in Fordingbridge who previously acted has now retired.Any advice?
The first thing you should do is contact the Land Registry to make sure that this person is in fact the new freeholder. It is not necessary to instruct a Fordingbridge conveyancing practitioner to do this as it can be done on-line for £3. Rest assured 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 Fordingbridge which have in the region of fifty years remaining on the lease term. Will this present a problem?
There are plenty of short leases in Fordingbridge. The lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the value of the lease reduces and it becomes more costly to extend the lease. This is why it is often a good idea to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this area
Last month I purchased a leasehold house in Fordingbridge. Do I have any liability for service charges relating to a period prior to my ownership?
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. A critical element 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).
I am employed by a busy estate agent office in Fordingbridge where we have experienced a few leasehold sales put at risk due to short leases. I have been given contradictory information from local Fordingbridge conveyancing solicitors. Can you shed some light as to whether the owner of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
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.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £375000 maisonette in Fordingbridge next week. The management company has quoted £396 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Fordingbridge?
Fordingbridge conveyancing on leasehold maisonettes usually involves the purchaser’s lawyer submitting questions for the landlord to answer. Although the landlord is not legally bound to respond to such questions the majority will be content to assist. They may invoice a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The management information fee required by the landlord must be sent together with a synopsis of rights and obligations in respect of administration fees, otherwise the charge is technically not due. In reality one has little choice but to pay whatever is requested of you if you want to sell the property.
I purchased a split level flat in Fordingbridge, conveyancing having been completed half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Fordingbridge with an extended lease are worth £221,000. The ground rent is £45 charged once a year. The lease terminates on 21st October 2091
You have 65 years remaining on your lease the likely cost is going to be between £17,100 and £19,800 as well as legals.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.
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